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Sign In Open menu Markets News Regions CNBC TV Insights Livestream * Markets * News * Latest * Featured * Cryptocurrency * Economy * Special Reports * Technology * Trade * Climate Change * Markets * Newswire * Regions * Southern Africa * West Africa * East Africa * International * CNBC TV * Latest Video * Top Video * Watch Live * Earnings * CEO Interviews * Analysis * TV Guide * Insights * AFCFTA * Debates * Sponsored * Opinion * Livestream Share AFDB’S QUAYNOR SPEAKS ON TRANSNET’S TURNAROUND STRATEGY On the side-lines of Transnet's Connecting Africa Conference, CNBC Africa’s Keamogetswe Mosepele spoke to Solomon Quaynor, Vice-President for Private Sector, Infrastructure & Industrialization at the African Development Bank on the state-owned logistics company's turnaround strategy and its significance on trade in Africa. Fri, 27 Sep 2024 15:06:20 GMT AI Summary Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video AI Generated Summary * The partnership between the AfDB and Transnet to support the logistics company's turnaround strategy with a $2 billion investment. * Issues affecting Transnet's performance, such as infrastructure disruptions, and the bank's confidence in Transnet's ability to address these challenges. * The role of Transnet in regional integration and trade facilitation in Africa, with a focus on supporting key trade corridors across the continent. Transnet, the state-owned logistics company in South Africa, recently held its Connecting Africa Conference to discuss its turnaround strategy and the impact it has on trade within the continent. Solomon Quaynor, Vice-President for Private Sector, Infrastructure & Industrialization at the African Development Bank (AfDB), shed light on the partnership between the AfDB and Transnet to revitalize the company's operations. Quaynor highlighted the crucial role that Transnet plays in the South African economy as the leading logistics operator. He emphasized that without Transnet operating efficiently, it hampers the growth potential of the private sector due to its monopoly in the logistics sector. To address the challenges that have plagued Transnet in the past, the AfDB and the New Development Bank are supporting an initial recovery program with an investment of $2 billion, of which the AfDB has committed $1 billion. This funding aims to kickstart Transnet's rehabilitation of its infrastructure network, paving the way for future growth investments. One of the key issues affecting Transnet's performance has been the theft of copper wires on rail tracks, leading to derailments and operational disruptions. Quaynor expressed confidence in Transnet's ability to address these infrastructure disruptions and restore its operations to their former efficiency. He stressed that understanding Africa's infrastructure challenges is crucial for development institutions like the AfDB and the New Development Bank, as they are uniquely positioned to support initiatives that drive sustainable growth. In the context of regional integration and trade within Africa, Quaynor highlighted the significance of Transnet in facilitating trade corridors that extend beyond South Africa into the Southern and Central African regions. Transnet's operations are vital for the effective functioning of regional corridors that connect various African countries to the ports in South Africa. As a pan-African institution, the AfDB is committed to supporting Transnet in enhancing regional connectivity and trade flows across the continent. Quaynor's insights underscore the importance of collaborative efforts between development banks and key stakeholders like Transnet in driving economic development and trade facilitation in Africa. By addressing infrastructure challenges and investing in key sectors like logistics, the AfDB aims to contribute to the sustainable growth and integration of regional economies across the continent. SIGN UP FOR OUR NEWSLETTER DAILY UPDATE Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent. Subscribe Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy. TRENDING 1 SOUTH AFRICAN RAND SLIPS AGAINST STRONGER DOLLAR 2 AFRICAN MARKETS – FACTORS TO WATCH ON NOV 8 3 SOUTH AFRICAN RAND RECOUPS SOME LOSSES AGAINST DOLLAR 4 POWELL SAYS HE WOULD NOT RESIGN AS FED CHIEF IF TRUMP ASKED FOR HIS RESIGNATION 5 SAFARICOM TRIMS FORECAST ON ETHIOPIA’S BIRR DEPRECIATION RELATED VIDEOS AfDB’s Quaynor speaks on Transnet’s turnaround strategy New Shelter Afrique boss explains his turnaround strategy Breaking down Afreximbank's trade strategy for Africa EOH CEO breaks down company earnings, turnaround strategy Turnaround strategies made a success by a global association CyptoMarket Movers TRENDING CRYPTOS USDT Tether USDt 24h Vol. 103.61 B $1.00 0.00 (+0.06%) Mkt. Cap. 122.97 B BTC Bitcoin 24h Vol. 59.42 B $75,973.77 861.90 (+1.13%) Mkt. Cap. 1595.45 B ETH Ethereum 24h Vol. 30.65 B $2,907.46 86.46 (+2.97%) Mkt. Cap. 350.12 B USDC USDC 24h Vol. 10.20 B $0.999928 -0.00 (-0.00%) Mkt. Cap. 36.98 B FDUSD First Digital USD 24h Vol. 7.85 B $1.00 0.00 (+0.05%) Mkt. 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