Transnet secures diesel locomotive funding
South Africa’s rail operator, Transnet has secured a ZAR 6 billion (EUR 0.42 billion) guarantee with the US export credit agency, US-Exim for funding the diesel locomotives that the company is buying from General Electric (GE).
In March this year, Transnet agreed to purchase 599 electric and 465 diesel locomotives from four original equipment manufacturers, including GE. The funding guarantee is mainly intended for the 233 GE locomotives, as well as other acquisitions from the manufacturer. The traction is part of Transnet’s locomotive fleet renewal programme – a key element of the company’s seven-year ZAR 312 billion (EUR 22 billion) investment programme. The majority of the locomotives are to be built at Transnet’s engineering and manufacturing facilities located throughout South Africa. (ben)