South Africa: China lends $500m to Eskom


Issue 332 - 18 Oct 2016 | 1 minute read

Eskom on 3 October signed an agreement with the China Development Bank for a $500m credit facility. The signing means that the utility has secured R51bn ($3.5bn) in funding for the 2016-17 financial year, 75% of its R69bn requirement. The deal is the latest in a series of major interventions by international development finance institutions to prop up the utility, including a $1.34bn A/B loan organised by the African Development Bank. Eskom’s continuing challenge meeting its funding requirements casts doubt over government plans for new nuclear capacity. The release of a request for proposals for the nuclear build programme in September has been delayed as the Department of Energy considers Eskom’s role.

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