R19-billion World Bank loan to tackle power crisis

The World Bank is in talks about a potential $1-billion loan to help South Africa reform its energy sector.

is in talks about a potential US$1-billion loan to help South Africa reform its energy sector, a bank official said, as the country tries to overcome record power cuts that have crippled the economy.

South Africa is facing its worst power crisis, with Eskom’s ageing, coal-fired plants often breaking down. Rolling power cuts have crimped economic growth, while fuelling private investment in renewable energy. In February, government agreed to take on more than R254-billion of Eskom’s debt through a debt relief scheme, subject to conditions.

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