Transnet to receive R51 billion to support its investment programme and pay off debt
The Department says the financial support package will be provided within the 2025/26 and 2026/27 financial years.
Picture: Rejoice Ndlovu/Eyewitness News
JOHANNESBURG - Transnet will receive R51 billion from the transport department to support its investment programme and pay off its debt.
In a statement released on Thursday, Transport Minister Barbara Creecy and Minister of Finance Enoch Godongwana approved the guarantee to be given to the facility, effective immediately.
The department said that the financial support package would be provided within the 2025/26 and 2026/27 financial years.
Transport spokesperson Collen Msibi said the discussions they had with Transnet had informed their decision to give out these funds.
"Transport Minister Barbara Creecy has this week approved a R51 billion guarantee facility for Transnet with the concurrence of the minister of finance. The guarantee facility is effective immediately in support of Transnet's capital investment programme and to enable it to meet its debt obligations."