EIB in Talks With South Africa Over Loan for Ports, Freight Rail

  • Deal would be first under EIB’s €1 billion commitment to JETP
  • South Africa has some of the world’s most ineffcient ports

A freight train carrying coal in Middelburg, South Africa.

Photographer: Waldo Swiegers/Bloomberg
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The European Investment Bank said it’s in talks to loan South Africa money to upgrade its port and freight-rail infrastructure as its first contribution to a decarbonization pact known as the Just Energy Transition Partnership.

The loan, the size of which the EIB didn’t disclose, is part of its €1 billion ($1.07 billion) commitment to the JETP, it said in a response to queries on Thursday. The agreement to help South Africa transition away from the use of coal consists of $8.8 billion in climate finance pledged by the European Union, via the EIB, France, Germany, the US, UK, Netherlands and Denmark.