World Bank discussing $1 bln loan to South Africa

The loan, which would be directly to the government rather than to state utility Eskom, is "under discussion", World Bank country director for South Africa Marie Francoise Marie-Nelly said in an interview at the bank's annual meetings in Marrakech, Morocco.South Africa is facing its worst ever power crisis with Eskom's ageing, coal-fired plants often breaking down. Rolling power cuts have crimped economic growth, while fuelling private investment in renewable energy.

In February, the South African government agreed to take on over 254 billion rand of Eskom's debt through a debt relief scheme, subject to conditions. In 2019, the government pledged to split Eskom into three subsidiaries - transmission, generation and distribution. Eskom said in August that its transmission arm would not be operational

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Africa hears pledges but little action at IMF-World Bank talksPummelled by debt, poverty and natural disasters, African nations heard many pledges of support but saw little action at the first IMF-World Bank talks to be held on their soil since 1973. The World Bank has provided nearly $20 billion to Kyiv since the start of the war in late February 2022.
Source: brieflyza - 🏆 10. / 68 Read more »