Eskom signs $500 mln credit deal with China Development Bank

The utility says the facility will contribute towards Eskom’s current expenditure programme.

Picture: Reinart Toerien/EWN

JOHANNESBURG - Eskom has signed an inaugural $500 million credit facility with the China Development Bank.

The utility says the facility will contribute towards Eskom's current expenditure programme and further stabilise its liquidity position.

Eskom's Khulu Phasiwe says they received the first payment today.

"Today we got the first tranche of it, which is $500 million, which is equivalent to R7 billlion, and the remaining tranche will be accessed over a period of time. The most important reason why we got the money is to finish the build programme."