African Development Bank to loan R10bln to Eskom

Reading Time: < 1 minute

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.

Watch related video below: