Transnet had an effective borrowing strategy. Its bonds were highly prized by investors. There were guarantees to reduce the costs of borrowing, and the Global Medium Term Note (GMTN) Programme enabled it to issue bonds at competitive rates. In the past year it had raised R20 billion at cost- effective rates and did not believe there would be problems in raising the funding for the projects in the five-year plan. However, projects not included in that plan might need private sector funding.