South Africa: Eskom borrows $500m for plants
source: News24
10/11/2008 16:00 – (SA)
Johannesburg – State-owned utility Eskom said on Monday it has signed a $500m 20-year loan with the African Development Bank to support its long-awaited power expansion programme.
Eskom, which provides 95% of the country’s power, has been rationing electricity since January, when the national grid nearly collapsed, affecting major industries, including mining.
“The extent and timing of the AfDB loan reinforces the extent to which institutions based on the continent can provide support which fosters growth,” Eskom’s chief financial officer Bongani Nqwababa said at a press briefing.
In its bid to reverse years of underinvestment in power, and to ease chronic power shortages, Eskom plans to spend a total of about R343bn over five years on new power plants.
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