New Development Bank Gives Eskom R11bn Loan

Eskom 1 e1550474613695 - New Development Bank Gives Eskom R11bn Loan

As Eskom battles capacity issues, the New Development Bank says that it has loaned the embattled power utility billions to build its transmission lines.

The parastatal’s ailing infrastructure has set the scene for the country’s worst controlled power outages, with stage 4 load shedding going on its sixth consecutive day.

Eskom says it cannot say when load shedding will come to an end.

With Eskom given a lifeline by the Brics backed New Development Bank, it should go a long way to alleviating the power utility’s financial burden.

The bank’s Monale Ratsoma said the over R11 billion loan is to improve its capacity challenges.

“There are three projects at different agencies. The first project was the old transmission project which was $180 million, which we are looking to conclude in the immediate term with Eskom.”

Meanwhile, Johannesburg Mayor Herman Mashaba said Eskom’s lack of planning means that the country is close to a national blackout.

Spokesperson Luyanda Mfeka said they will announce the city’s contingency plans next week.

EWN

The post New Development Bank Gives Eskom R11bn Loan appeared first on iAfrica.com.

1 comment on “New Development Bank Gives Eskom R11bn Loan

Leave a Reply

Your email address will not be published. Required fields are marked *