July 24, 2018 / 2:39 PM / 22 days ago

China's ICBC gives South Africa's Transnet $300 million loan during Xi visit

JOHANNESBURG (Reuters) - Industrial and Commercial Bank of China (ICBC) has agreed to give troubled South African logistics firm Transnet a 4 billion rand ($300 million) loan, after a meeting between South African President Cyril Ramaphosa and China’s Xi Jinping on Tuesday.

Transnet said in a statement that the loan would be for a period of five and a half years and would boost its near-term liquidity.

Transnet is one of a handful of state firms accused of irregularities in the awarding of state contracts under former President Jacob Zuma. Zuma denies wrongdoing.

Reporting by Alexander Winning; Editing by James Macharia

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