|
JOBS | DATING | PROPERTY | SHOPPING |
|
|
THE SMART NEWS SOURCE | Feb 10 2010 07:08 | LAST UPDATED Feb 10 2010 07:08 |
|
Eskom said on Monday it had signed a $500-million 20-year loan with the African Development Bank (AfDB) to support its long-awaited power-expansion programme. Eskom, which provides 95% of the country's power, has been rationing electricity since January, when the national grid nearly collapsed, affecting major industries, including mining. "The extent and timing of the AfDB loan reinforces the extent to which institutions based on the continent can provide support which fosters growth," Eskom CFO Bongani Nqwababa said at a press briefing. In its bid to reverse years of underinvestment in power, and to ease chronic power shortages, Eskom plans to spend a total of about R343-billion over five years on new power plants. This task has been made more daunting by the global credit squeeze and a downgrade of Eskom by rating agency Moody's. "This loan will make sure that infrastructure development is going on in Africa regardless of the financial crisis," Eskom CEO Jacob Maroga said at the press briefing. The South African government has said it would loan Eskom R60-billion over the next three years, while the utility would raise further funds from capital markets, higher power tariffs or loans with development agencies such as the AfDB. Mandla Gantsho, the AfDB infrastructure head, said the bank did not insist on a government guarantee for the loan because it considers Eskom to be "a smart and strong partner". Poor infrastructure capacity and inadequate power generation is constraining economic growth in the world's poorest continent, and the AfDB is investing in projects that would help reduce poverty and stimulate economic revival. -- Reuters  CONTINUES BELOW TOPICS IN THIS ARTICLE
Comments
click here to log in
M&G Online Comment Guidelines In Brief
Advertising Links
|
2,3-million titles to choose from.
iPod nano 16GB - Black, Was R2,499.00 Now R2,299.00! Save R200!
46 000 DVDs and Blu-Ray on sale now!
100s of new releases now in stock. Get the new Sade & Bon Jovi albums.
Widest toy range and unbeatable prices!
AdvertisementsAdvertising links |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0 comments
Make us your home page | Add our headlines to your site | Desktop news with NewsFlash
Contact us | About us | Story tip-offs | Online advertising | Print advertising | Subscriptions | Topics A-Z | Corrections | Mobile sites
All material © Mail & Guardian Online. Material may not be published or reproduced in any form without prior written permission.
Read the site privacy policy and Ispa code of conduct relating to our blog hosting.
RSS feed
This site is proudly hosted by Internet Solutions. We are a member of the Online Publishers Association.
Contact us | About us | Story tip-offs | Online advertising | Print advertising | Subscriptions | Topics A-Z | Corrections | Mobile sites
All material © Mail & Guardian Online. Material may not be published or reproduced in any form without prior written permission.
Read the site privacy policy and Ispa code of conduct relating to our blog hosting.
RSS feed
This site is proudly hosted by Internet Solutions. We are a member of the Online Publishers Association.
 |  |  |