Brics bank to kick off SA meetings after granting R11.2bn loan to Eskom
A total R6.9bn of the financing will be used for retrofitting desulfurisation equipment to make the under-par Medupi power plant compliant with new environmental standards
The Brics New Development Bank (NDB) kicks off its first meetings in SA in the week ahead after announcing plans last week to lend as much as R11.2bn to Eskom in 2019 for infrastructure projects. Brazil, Russia, India, China and SA established the bank to mobilise resources for infrastructure and sustainable development projects in Brics and other emerging economies and developing countries. In an interview with Business Day on Friday, Treasury deputy director-general for international and regional economic policy Vuyelwa Vumendlini said the bank had scrutinised the state-owned entity’s finances before granting the loan. “Eskom, like any other entity, approached the bank for a loan and, like any other bank, the NDB looked at their finances and granted it a loan,” Vumendlini said. “That the NDB has given a loan shows that they are comfortable with Eskom’s finances,” she said. Eskom is facing operational and financial challenges, and persistent load-shedding in 2019 has threatened to ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.