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New Development Bank to lend Eskom billions

Eskom has already used more than R5 billion in just under a year on diesel.

FILE: Picture: www.ndb.int.

JOHANNESBURG - As the country battles its electricity crisis, Eskom has been thrown another lifeline.

The New Development Bank plans to lend the embattled power utility over R11 billion for its infrastructure projects, in the hope it would alleviate pressure on the grid.

Eskom has already used more than R5 billion in just under a year on diesel. It was only meant to spend R600 million.

New Development Bank director-general Monale Ratsoma, said: “The underpin here is that there are specific projects that we’re looking to help Eskom, with regards to funding, which will, in the long term, be able to contribute to the sustainability of Eskom as an institution.”

Monale said the loans between Eskom and the bank have been in the pipeline for a few months.

"They will focus on number of projects, including the money for Eskom to build transmission lines, and is also aimed at Eskom to pay for flue gas equipment that will make the Medupi power plant complaint with new environmental standards.”

WATCH: Eskom: Here’s what Gordhan and Mabuza say is the problem

(Edited by Zamangwane Shange)

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