Home Economy Multi-billion loan granted to Eskom

Multi-billion loan granted to Eskom

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A consortium of local and international banks has given a lump sum to Eskom, the South African power utility, as a part of the loan facility agreement.

According to a statement, the organization received R15bn, which would further help in solving some of the Eskom’s financial issues as well as in completing its capital expansion programme.

“We have made significant progress in transitioning the business and securing funding. We are pleased that lenders have elected to continue partnering with Eskom on our journey to complete the capital expansion programme for the benefit of South Africa’s economy,” Phakamani Hadebe, the power utility’s Group Chief Executive, said on Friday.

As for today, Eskom has raised almost over 95% of the R72 billion funding requirement for this financial year. The remaining amount (approximately R3,5bn) is said to be received through various sources and domestic debt capital markets, in particular.

Moreover, the organization constantly aims to secure money for 19/20 financial year and has already completed 30% of that plan, the general manager of treasury at the utility Andre Pillay said.

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