World Bank Approves Loan to Eskom

Monday, April 12, 2010 - 12:53
World Bank approves R27 billion loan to Eskom

Comments

I would like that loan also!!!

27 billion is quite a big amount for a loan. I just wonder if i can also be approved for that kind of amount, and beside the money that i will be loaning is for a business account not for personal use. It would be a great help for my business to grow and expand much better.

Liz

The World Bank has approved the granting of a R27 billion loan that will help the state power utility Eskom to build its Medupi Power Station in Limpopo.

In a press statement, the World Bank says its board of executive directors had approved the loan ‘to help South Africa achieve a reliable electricity supply while also financing some of the biggest solar and wind power plants in the developing world’.

The bank further says that the loan is its first major lending engagement with South Africa since the fall of apartheid 16 years ago.

"The loan is provided to South Africa's power utility, Eskom, and is brought about by unique circumstances including South Africa's energy crisis of 2007 and early 2008, and the global financial crisis that exposed the country's vulnerability to an energy shock and severe economic consequences," it explains.

To read the article titled, “World Bank approves Eskom loan,” click here.
Source: 
Mail and Guardian
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