Eskom's R1.9bn loan agreement to be signed tomorrow
A R1.9 billion loan agreement to finance Eskom's renewable energy projects will be signed tomorrow. Minister of Public Enterprises Malusi Gigaba, together with Finance Minister Pravin Gordhan will sign the loan agreement with representatives of the World Bank's Clean Technology Fund.
The loan will allow for Eskom to build a wind power plant in the Western Cape and a solar power plant in the Northern Cape. Chief Director of Public Enterprises Jacky Molisane says what is important about the loan is that it shows the confidence that investors have in South Africa in terms of investing a lot of money.
Molisane says: “This is part of the funding that has been secured with other investors. The World Bank is one of the core financiers, the other financiers for the project are the Africa Development Bank and the French Development Bank.” According to Molisane, they are seeing a number of international development funding institutions partnering with South Africa and Eskom to fund the company’s energy mix.
Earlier in the week, ratings agency Moody's warned it could downgrade the utility from stable to negative, an announcement that concerned Eskom. When Moody's cautioned that South Africa could be downgraded to negative from stable, the announcement caused a stir. It is also believed that it also affected Eskom as a downgrade could lead to higher borrowing costs.
But Eskom spokesperson Hilary Joffe said they had noted the warning, clarifying that it’s not a downgrade but more of a warning of a possible downgrade. She also said Moody’s gave Eskom a BAA2 rating, which is a good investment grade.
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Although South Africa has offered a 2.4 billion rand ($307 million~, 220 million euros~) loan to Swaziland, representatives from the South African Treasury stated that Swaziland officials still have not accepted and signed the 2.4 billion ran loan
Chief Director of Public Enterprises Jacky Molisane says what is important about the loan is that it shows the confidence that investors have in South Africa in terms of investing a lot of money. Molisane says: “This is part of the funding that has
But suggestions that Monash South Africa will double its present student number by 2014 and clear the loan from its Melbourne parent by next year seem optimistic. Certainly initial projections for the development of the campus at Ruimsig, a burgeoning
The minister emphasised that failure to adhere to these dictates meant missing out on a proposed E2.4 billion loan from South Africa as well as assistance from other international financial institutions like the African Development Bank.
"Countries like China and India do not yet publish any country- specific data on their concessional and non-concessional loans," according to a paper from the Centre for Chinese Studies at the Stellenbosch University in South Africa.
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