DURBAN, South Africa, March 26 (People’s Daily Online) China Development Bank (CDB) and South Africa's TRANSNET signed an agreement Tuesday on infrastructure upgrade programmes, with a total contract value of 5 billion USD.
CDB and TRANSNET agreed to cooperate, explore and identify financing opportunities for the Chinese bank for future collaboration in Transnet’s infrastructure upgrade programmes. All agreements in terms of the collaboration arrangements will be concluded in line with Transnet’s governance processes including compliance with relevant legislation.
The cooperation includes, but is not limited to, the financing of the construction and upgrade of railway, and port infrastructure, localisation of equipment manufacturing – especially rail and port. In addition, the two agreed on future collaboration on research and development initiatives, manufacturing, marketing and the construction of cross border infrastructure throughout the continent.
This year, CDB will support the investment programme of TRANSNET, the Market Demand Strategy, to revamp and expand its ports, rail and pipelines infrastructure and equipment.
As part of the investment programme, Transnet has awarded various equipment manufacturing from Original Equipment Manufacturers including the United States’ General Electric, Finnish crane maker Kalmar and China South Railways.
China Development Bank (CDB) is the biggest foreign investment and financing cooperation bank. The total asset has reached 1100 billion USD. CDB makes a big effort to serve bilateral and multilateral economics and trading for China and Africa. CDB’s goal is to take advantage of those opportunities by remaining committed to market-based practices that generate Africa sustainable economic and social growth.
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