African Development Bank to loan R10bln to Eskom

7 November 2018, 2:06 PM | Reuters | @SABCNews

Image: Reuters

Eskom says it is still dealing with issues of undesired coal supply, recent strikes, financial and capacity constrains leading to minimum refurbishments and maintenance of aging infrastructure.

The African Development Bank (AfDB) plans to lend South African power utility, Eskom, approximately $720 million (R10 billion) in 2019 and 2020, according to the bank’s president Akinwumi Adesina.

“We plan to lend around $620 million for the Medupi power plant and around $100 million for Eskom’s transmission network, but that still needs to be approved by the board,” says Adesina.

The AfDB is currently holding an investment forum in Johannesburg from 7-9 November.

Earlier this year, the AfDB approved a separate loan of R2.9 billion to upgrade and expand Eskom’s transmission network.

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