March 26 (Bloomberg) -- The China Development Bank Corp. agreed to lend Transnet SOC Ltd., South Africa’s state-owned ports and rail operator, about $5 billion to support the country’s infrastructure development.
The “financial and non-financial assistance” will run over five years, according to a statement from South Africa’s government.
“The agreement will enable us to explore innovative funding options as we pursue our borrowing plan focusing on cost effective solutions and diversity,” Transnet Chief Executive Officer Brian Molefe said in a separate e-mailed statement.
Transnet started a seven-year, 300 billion-rand ($32.4 billion) development plan across Africa’s biggest economy and neighboring commodity-producing countries last year. Growth has been stunted by insufficient capacity at South Africa’s ports and railways.
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