The African Development Bank (ADB) says it has approved a $1bn loan for South Africa’s state port monopoly to help fund its restructuring efforts.
The 25-year loan to Transnet SOC has been fully guaranteed by the South African government, the Abidjan-based lender said in a statement.
Transnet is working to reverse a collapse in its facilities that has hobbled economic growth in Africa’s most industrialised economy and cost the nation tens of billions of rand in lost trade.
