Transnet, the South African transport parastatal, is planning to spend R93-billion on infrastructure in the next fives years.

This undertaking was announced by the Chief Executive, Chris Wells, at a meeting of Parliament’s portfolio committee on transport. Transnet has spent about R74-billion over the past five years and the job creation generated from those initiatives is expected to continue to grow with its new five-year plan.

Transnet had thus far been able to raise R19-billion "very cost effectively" in the debt capital markets as well as R4-billion in offshore investment for its infrastructure programme.

Reported by Engineering News