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Eskom signs R3bn loan agreement with with AfDB

The power utility says the loan will be used to improve power transmission in Southern Africa.

Picture: Eskom

JOHANNESBURG - Eskom has entered into a loan agreement with the African Development Bank Group (AfDB) for a total of over R3 billion.

The power utility has confirmed the deal in a statement on its website.

It says the loan will be used to improve power transmission in Southern Africa.

"Eskom and AfDB have enjoyed a productive partnership since 2009 when the Bank approved the first facility in support of the utility’s capital expansion programme.

"This project contributes to the realisation of the new deal on energy in Southern Africa, one of the bank’s priority development areas, by ensuring capacity to add new connections in South Africa and the region."

Eskom, which exports power to at least six countries in the Southern African region, has been battling severe coal shortages over the past few weeks and has warned the possibility of load shedding remains in place for the remainder of the year.

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