BRICS Bank to Lend Up to $780 Million to South Africa's Eskom
- Lender will back two further projects at the utility in 2019
- NDB to boost loans to members by up to $8 billion this year
This article is for subscribers only.
The New Development Bank plans to lend as much as $780 million to Eskom Holdings SOC Ltd. for infrastructure projects this year as the ailing South African power utility battles to keep power supply steady.
Eskom, which on Wednesday entered a seventh day of controlled power cuts, is contending with operational and financial challenges, threatening the productivity of Africa’s most-industrialized economy. The government is considering various interventions to turn the company around, including a $4.8 billion bailout over three years and splitting the organization into three parts to help contain costs.