China’s ICBC gives Transnet R4bn loan during Xi visit

Industrial and Commercial Bank of China (ICBC) has agreed to give troubled South African logistics firm Transnet a R4 billion ($300 million) loan, after a meeting between South African President Cyril Ramaphosa and China’s Xi Jinping on Tuesday.

Transnet said in a statement that the loan would be for a period of five and a half years and would boost its near-term liquidity.

Read: Eskom, Transnet to also get cash injections from China

Transnet is one of a handful of state firms accused of irregularities in the awarding of state contracts under former President Jacob Zuma. Zuma denies wrongdoing.