African Development Bank has faith in SA and Eskom
AfDB president Akinwumi Adesina backs $720m investment over the next two years
The African Development Bank (AfDB) will invest about $720m in power utility Eskom over the next two years. The investment will include $620m in infrastructure spending on the Medupi power plant to meet global emission standards and about $100m to support power transmission in Mpumalanga. This is in addition to the $219m invested by the bank in September to support transmission lines and the upgrading of substation equipment in Mpumalanga and KwaZulu-Natal. “We have very strong confidence in SA and very strong confidence in Eskom. That doesn’t mean Eskom doesn’t have its challenges but it has never failed to deliver on the investments we’ve made in it,” said AfDB president Akinwumi Adesina in an interview with Business Day ahead of the Africa Investment Forum (AIF) scheduled to take place in Sandton this week. While Adesina commended the government on the changes that have been made to the Eskom board to deal with governance issues, he said institutionally the state-owned entity sti...
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