CAPE TOWN, South Africa — The African Development Bank said Thursday it had approved a $1 billion loan to South Africa’s state-owned rail and ports company, Transnet. The 25-year loan was wholly guaranteed by the South African government and will help finance the first phase of a $8.1 billion investment plan for Transnet to improve the country’s ailing rail and …
The officials are facing charges of fraud and breaching public finance regulations linked to a 2015 procurement scandal. South African prosecutors have arrested several former executives at public logistics company Transnet, which is at the centre of a high-profile investigation into corruption during Jacob Zuma’s tenure as president. On Monday, South Africa’s National Prosecuting Authority said Transnet’s former chief executive …
