South Africa’s freight and logistics group will roll out new locomotives in July after General Electric completed their technical design, CEO Brian Molefe said on Monday.
Transnet awarded GE, Bombardier and two Chinese firms a 50 billion rand ($4.3 billion) contract last year to build 1 064 locomotives to replace its aging fleet and speed up the delivery of goods to the port.
Molefe said Transnet had raised 13 billion rands with financial institutions in Canada, the Unites States and South Africa to fund the GE and Bombardier portion of the deal.
Transnet is investing $29.5 billion into its infrastructure program by 2019 to expand the railways, ports and pipelines that move commodities for export from Africa’s most advanced economy.
The company transports coal, iron ore and other commodities from companies such as Sasol, BHP Billiton and Exxaro.