Dec 03, 2009
Daily podcast – December 3, 2009Back
Johannesburg|Coega Development Corporation|Eskom|General Motors|SEW Eurodrive|South Africa|United States|Zimbabwe|USD|Eastern Cape|Khwezi Tiya|Eastern Cape
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Thursday, December 3, 2009.
From Creamer Media in Johannesburg, I'm Shannon de Ryhove.
Making headlines today:
The World Bank is to expedite a 3,75-billion-dollar loan for South African power utility Eskom and to present it for approval in March 2010.
The loan, which will be guaranteed by the government, is intended to help the state-owned utility with a critical 51,4-billion-dollars power supply expansion to enable it to meet fast-rising demand.
If approved, it will be the largest World Bank loan for a project in post-apartheid South Africa.
The 3,75-billion-dollar project will be financed through the the International Bank for Reconstruction and Development, the World Bank's financing arm for credit-worthy poorer countries and emerging market economies.
The bulk of the loan will go to developing the Medupi coal-fired power station, a 4 800 MW plant.
The project will provide an opportunity for independent power producers to participate. The project will also complement other national power generation programmes.
State-owned power utility Eskom said this week that there would be a significant shift in its business strategy, including introducing IPPs in power generation to meet some of South Africa's short to medium-term supply shortfalls.
CDC business development executive manager Khwezi Tiya says that the project will "transform the landscape" of the IDZ.
The board of US auto manufacturer General Motors has asked its CEO to resign.
Edited by: Shannon de Ryhove© Reuse this Comment Guidelines
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