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Eskom signs R2.3bln loan with French Development Agency

The agency has supported Eskom in the past through loans for wind and solar projects.

Picture: Reinart Toerien/EWN

JOHANNESBURG - Eskom has signed a R2.3 billion loan agreement with the French Development Agency to help fund distribution projects in KwaZulu-Natal, the Eastern Cape and Limpopo.

The agency has supported Eskom in the past through loans for wind and solar projects.

Today's deal will give the utility funds for a quarter of a century including a five-year grace period and 20 years of capital repayment.

Eskom's Khulu Phasiwe says, "This money will be used essentially to roll out electrification in parts of KwaZulu-Natal, Eastern Cape and Limpopo. [It is] those three provinces particularly because we do have a lot of backlog in terms of electrification there."