South Africa to get around $790 million in loans from BRICS Bank1 min read . Updated: 01 Apr 2019, 07:56 PM IST
- Over half the amount will go power company Escom, battling for survival after a decade of steep financial decline
- Around $480 million of the new funding was for Eskom's Medupi power plant project in north of South Africa
Cape Town: A development bank set up by the BRICS group of emerging economies has approved around $790 million of loans for three projects in South Africa, the bank's president said on Monday, with over half that amount going to power company Eskom Holdings SOC Ltd. Eskom is battling for its survival after a decade of steep financial decline during which its costs soared and electricity sales stagnated.
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