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The global financier announced that it had approved a $1 billion loan to help the country’s shift to cleaner forms of energy
“It supports the opening of the power market and aims at improving Eskom’s efficiency by redirecting its resources toward investments in transmission and maintenance of existing power plants,” the bank said. It will see the government receive technical assistance to identify reforms necessary to manage the social costs associated with the decommissioning of coal-fired power stations.
The loan is the third policy loan pledged to the country since the conclusion of a Just Energy Transition Partnership with several developed countries, with KfW, and French development bank AFD, having extended €300 million in November last year.
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