China to lend South Africa's Transnet US$5bn

South Africa’s state-owned ports and rail operator Transnet will take a US$5 billion loan from China Development Bank to build infrastructure in the country, Bloomberg reported. The South African government said the assistance, which included financial and non-financial aspects, would continue over a five-year period. “The agreement will enable us to explore innovative funding options as we pursue our borrowing plan focusing on cost effective solutions and diversity,” Transnet CEO Brian Molefe said in an email. China’s new President Xi Jinping arrived on Tuesday in South Africa after trips to Russia and Tanzania.