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Financial|Health|Power
financial|health|power

Eskom says gets R15bn loan from lending consortium

1st February 2019

By: Reuters

  

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South Africa's struggling power firm Eskom has agreed a R15-billion loan facility with a consortium of local and international banks, it said on Friday, an important step as it tries to close a funding gap before the end of March.

Eskom is vital to the health of Africa's most industrialised economy as it supplies more than 90% of its power, but it is drowning in around R420-billion of debt after a decade of steep financial decline.

"The government-guaranteed facility will form part of the financing of Eskom's current capital expenditure programme," Eskom said in a statement.

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Edited by Reuters

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