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Written by

Siphelele Dludla





By Siphelele Dludla

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AFRICAN DEVELOPMENT BANK SEEKS TO REVAMP TRANSNET WITH NEW ROLLING-STOCK PLANS



“One of the things we are working on with Transnet, but also supporting the rest
of Africa, is to create a rolling stock leasing or rental company, said Solomon
Quaynor, vice president for private sector, infrastructure and industrialization
at AfDB yesterday. Picture: Supplied

Published Dec 5, 2024

 | Published Dec 5, 2024



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The African Development Bank (AfDB) has revealed that it was in talks with South
Africa’s State-owned freight and logistics firm, Transnet, to revive plans to
establish a rolling-stock company that would supply the southern Africa region
and the rest of the continent from as early as next year.

This comes as the AfDB today released the first tranche in a series of four
payments of the $1 billion (R18.85bn) loan, which was granted to Transnet
earlier this year to support the company's turnaround plan, which includes
allowing private sector participation in its operations.

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Solomon Quaynor, vice president for private sector, infrastructure and
industrialization at AfDB, yesterday said they were looking at the structural
reforms implemented by the South African government “very positively”.

Quaynor said part of their dialogue in supporting Transnet has also been about
how Transnet can harness the private sector to deliver transport and logistics
services at its best for South Africa and the Southern African region.

“Transnet doesn't have to do everything on its balance sheet. The private sector
brings innovation, they have the ability to bring capital and sometimes more
efficiently,” Quaynor said.

“One of the things we are working on with Transnet, but also supporting the rest
of Africa, is to create a rolling stock leasing or rental company. So in the
future, Transnet doesn't have to own its own rolling stock, it can actually
lease.

“And then in addition, the government and Transnet plan to really have open
access on the railway. So some of the private sector players who would emerge
don’t have to really buy their own rolling stock. They should be able to rent
from this future company, which we hope to seed with some Transnet rolling
stock. But the plan is to grow it beyond the initial fleet that Transnet may
contribute.”

The concept of a rolling stock leasing company is not a novel idea as the AfDB
in 2014 granted Transnet a $250 million loan for a capital expenditure program,
rolled out over a 7-year period, to finance the acquisition of rolling stock in
a bid to increase freight capacity from 80 million tons to 176 million tons per
annum, thereby migrating freight from road to rail.



In response to Business Report yesterday, Transnet said South Africa’s rail
reform programme aimed to enhance the competitiveness of the South African
freight system by working to ensure competitive industry supply chains and
crowding in private sector investment.

Transnet said that central to this reform was the “separation” of rail
infrastructure management from operations, which aims to level the playing field
for both public and private sector operators.

“Work is well underway in this regard within Transnet, with the process to open
access to the private sector gaining momentum,” it said.



“The rolling stock leasing company to be established is part of the rail reform
agenda, and aims to drive the acquisition, management and leasing of rail
rolling stock to domestic and regional markets. Transnet intends to go to market
for a private partner for the establishment of a leasing company early in 2025.”

Bongani Mankewu, director of the Infrastructure Finance Advisory Institute,
expressed cautious optimism about the program to establish a rolling stock
leasing company.

Mankewu highlighted the important role of governance and infrastructure in this
process, acknowledging AfDB’s role as a potential catalyst for facilitating
private sector investment, which Transnet has struggled with on its own.



“I like the fact that their focus is on rolling stock. There is nothing wrong
with the rolling stock that runs for State infrastructure and I have no real
problem where the rolling stock is being released or is privatized,” Makewu
said.

“But the circumstantial conditions of each country’s sovereignty must be
considered. For example, we purchased or procured 1 064 (locomotives) for
Transnet and in essence, the whole investment was just a mess. It was managed
badly. So what the AfDB is trying to do at Transnet is welcomed.

“However, the governance at Transnet is something to be considered. The case
that we are having now and what is happening at the Port of Durban is something
of concern when we deal with this private sector participation. That case
demonstrates to us that there are gaps as to what Transnet understands about the
private sector participation. Besides that, the rolling stock privatization is a
cash cow for a whole lot of people. If that rolling stock is leased or
privatized recklessly, it would have a detrimental effect on the economy.”

BUSINESS REPORT







Related Topics:

transnetsouth africabusinessfinancegdptradingfree market economystock markets

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