The Development Bank of Southern Africa (DBSA) has raised R196million to help a black economic empowerment firm acquire a 25percent share in the company building the Gautrain rapid rail link, it said yesterday.
The beneficiary is SPGC, a subsidiary of the Strategic Partners Group.
The DBSA helped to finance the acquisition of the stake - bought last month - together with the Industrial Development Corporation, Rand Merchant Bank and Standard Bank.
DBSA project finance manager Tokolo Nchocho said that the money would go towards funding equity obligations, standby equity and financing of operational costs.
"DBSA is delighted to be part of this exciting venture. By helping the empowerment shareholders to meet their obligations to the Gautrain project company, the bank is adding further impetus to its drive to promote broad-based black economic empowerment," he said.
SPGC was formed to partner with other local and international shareholders in the Bombela Consortium. It was established in 2002 by parties representing the interests of previously disadvantaged communities.
Nchocho said that the investment was not only meant for Gauteng, but would also have spin-offs for the African transport sector. - Sapa