Export Development Canada (EDC) announced that will provide USD 450 million for Transnet projects. The loan will partially finance a USD 1.2 billion contract recently awarded by Transnet to Bombardier Transportation South Africa, for the supply of 240 TRAXX dual voltage electric locomotives.
“Broadly, the agreement is in line with our funding strategy, especially our focus on diversifying sources of funding and raising debt cost effectively. Crucially, the agreement confirms the attractiveness, commercial viability and bankability of Transnet and its projects in an unequivocal and definitive manner. Equally importantly, this is a massive thumbs-up for our country – and that can only be a good thing,” Transnet group chief executive Brian Molefe said.