South Africa’s Transnet plans $7 billion of infrastructure upgrades

South Africa’s state-owned freight and logistics company Transnet plans to invest 127 billion rand ($7.3 billion) over five years in modernizing rail lines and upgrading ports, its Chief Executive Michelle Phillips said.

Transnet allocated 24 billion rand to infrastructure in the previous financial year and has budgeted 25 billion rand for the current year, Phillips said at the South Africa Tomorrow Investor conference.

Source: Reuters