BRICS bank to lend Eskom billions to alleviate pressure on SA grid | Fin24
The New Development Bank plans to lend as much as R11.2 billion at current exchange rates to Eskom for infrastructure projects this year as the ailing South African power utility battles to keep power supply steady.
The NDB, backed by the so-called BRICS nations of Brazil, Russia, India, China and South Africa, is in talks with the government about loans that could alleviate some of the pressure on the country’s electricity grid, the lender’s president, KV Kamath, said by phone. The plan to split Eskom into generation, transmission and distribution units is heartening, Kamath said. “We are equally clear that this won’t happen overnight, so there is always a need to extend a hand during the transitioning process and that’s what we are doing.”
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