Op-Ed: So where is the money from China? Still coming, says the DPE By Chris Yelland
However, a statement issued by the Department of Public Enterprises on 2 May 2019 advises that the loan from CDB is a binding agreement concluded in July 2018, and neither the loan facility nor the R7-billion draw-down that Eskom wants to access at this time, are in jeopardy.
In order to avoid default on debt repayments at the end of March 2019, the bridging finance from ABSA Bank was followed by a further R17,7-billion bailout by National Treasury. Significant concerns by lenders exist in respect of the lack of clarity surrounding the restructuring of Eskom into three separate legal entities – Generation, Transmission and Distribution – as subsidiaries of Eskom Holdings SOC, and how Eskom debt will be allocated among the entities in the restructured environment.
The delays are, however, more likely to be around concerns by the Chinese as to the usage of their money by Eskom. The R35-billion CDB loan was intended for capital expenditure, and in particular for completion of Eskom’s Kusile coal-fired power plant.
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