New plan for Transnet

MEMBERS of Parliament were told yesterday that Transnet would complete a new five-year plan - by the end of this month - which was likely to increase investment from the currently planned R80,5billion to R93,4billion.

MEMBERS of Parliament were told yesterday that Transnet would complete a new five-year plan - by the end of this month - which was likely to increase investment from the currently planned R80,5billion to R93,4billion.

"It is pretty exciting that we have the capacity to do that," said acting chief executive Chris Wells. "That means a number of additional projects and expanded scope on existing projects."

Transnet executives were called before a joint meeting of three parliamentary committees to brief members on their infrastructure plan.

Wells told the committees on public enterprises, economic development and transport that the utility would require significant investment to enable the project to be implemented.

He said it was important for South Africa - and Transnet - to develop foreign sources of funding.

"There's a limited capacity in South Africa," he said.

He also pointed out that demand for freight was likely to double within the next 20 years. - I-Net Bridge

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