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JOHANNESBURG, March 26 (Xinhua) --Transnet, a South African state-owned transport and logistics company, and China Development Bank (CDB) on Tuesday signed an agreement to cooperate in upgrading infrastructure1 projects.
Transnet said the cooperation includes the upgrade of railway and port infrastructure and the localization of equipment manufacturing.
In addition, the two sides agreed on future collaboration2 on research and development initiatives, manufacturing, marketing3 and the construction of cross-border infrastructure throughout the continent.
"This historic agreement between two state-owned entities4 within BRICS illustrate5 the opportunities inherent is such diplomatic ties. The agreement will enable us to explore innovative6 funding options as we pursue our borrowing plan focusing on cost effective solutions and diversity," Transnet Group Chief Executive Brian Molefe said at the signing ceremony held in Pretoria.
Molefe said the agreement is one of the various country-to- country collaboration agreements intended to strengthen economic and trade relations among the different BRICS countries.
South African President Jacob Zuma, his Chinese counterpart Xi Jinping and South African Minister of Public Enterprises Malusi Gigaba also witnessed the signing of the agreement.
Last year, Transnet announced an unprecedented7 300 billion rands (32.6 billion U. S. dollars) investment program, the Market Demand Strategy, to revamp and expand its ports, rail and pipelines8 infrastructure and equipment.
About two thirds of the required funding will be raised from internal resources while the remainder will be sought through various sources in the debt capital markets.
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1 infrastructure | |
n.下部构造,下部组织,基础结构,基础设施 | |
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2 collaboration | |
n.合作,协作;勾结 | |
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3 marketing | |
n.行销,在市场的买卖,买东西 | |
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4 entities | |
实体对像; 实体,独立存在体,实际存在物( entity的名词复数 ) | |
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5 illustrate | |
v.举例说明,阐明;图解,加插图 | |
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6 innovative | |
adj.革新的,新颖的,富有革新精神的 | |
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7 unprecedented | |
adj.无前例的,新奇的 | |
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8 pipelines | |
管道( pipeline的名词复数 ); 输油管道; 在考虑(或规划、准备) 中; 在酿中 | |
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9 maker | |
n.制造者,制造商 | |
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