A R47-billion guarantee facility, effective immediately, has been extended to struggling State-owned freight logistics group Transnet in support of its recovery plan and to meet its immediate debt obligations. The guarantee was announced following concurrence between Finance Minister Enoch Godongwana and Public Enterprises Minister Pravin Gordhan and follows a high-level meeting between government and business at which business leaders argued for immediate financial support for Transnet to address its port congestion crisis and to arrest the collapse in the rail service.
