Africa

African Development Bank plans $720M loan to Eskom

By Staff Writer 8 Nov 2018 1 Min Read Save

Last updated: 8 Nov 2018, 01:48

JOHANNESBURG – The African Development Bank plans to lend South African power utility Eskom around $720 million (10 billion rand) in 2019 and 2020, the bank’s president Akinwumi Adesina said.

“We plan to lend around $620 million for the Medupi power plant, and around $100 million for Eskom’s transmission network, but that still needs to be approved by the board,” said Adesina, whose bank is holding an investment forum in Johannesburg.

Earlier this year the African Development Bank approved a separate loan of 2.9 billion rand to upgrade and expand Eskom’s transmission network.

Africa ADB African Development Bank eskom