{"id":35936,"date":"2023-10-16T06:24:46","date_gmt":"2023-10-16T06:24:46","guid":{"rendered":"https:\/\/www.africa-press.net\/eswatini\/all-news\/world-bank-discussing-1-billion-loan-to-south-africa"},"modified":"2023-10-16T06:47:52","modified_gmt":"2023-10-16T06:47:52","slug":"world-bank-discussing-1-billion-loan-to-south-africa","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eswatini\/all-news\/world-bank-discussing-1-billion-loan-to-south-africa","title":{"rendered":"World Bank discussing $1 billion loan to South Africa"},"content":{"rendered":"

Africa-Press – Eswatini. <\/strong><\/span>The World Bank is discussing a potential $1 billion loan to South Africa\u2019s government to help it reform its energy sector, a bank official told Reuters, as the country tries to overcome record power cuts that have crippled the economy.<\/b><\/p>\n

The loan, which would be directly to the government rather than to state utility Eskom, is \u201cunder discussion\u201d, World Bank country director for South Africa Marie Francoise Marie-Nelly said in an interview at the bank\u2019s annual meetings in Marrakech, Morocco.<\/p>\n

\u201cIt is going to come very soon,\u201d she added, declining to specify a timeframe.<\/p>\n

South Africa is facing its worst-ever power crisis with Eskom\u2019s ageing, coal-fired plants often breaking down. Rolling power cuts have crimped economic growth while fuelling private investment in renewable energy.<\/p>\n

\u201cIt\u2019s a policy development loan which supports critical reforms,\u201d Marie-Nelly said of the potential World Bank funding. \u201cThere\u2019s a particular focus on transmission, because it is a stumbling block in terms of bringing new (capacity) that is going to be built mainly by the private sector.\u201d<\/p>\n

In February, the South African government agreed to take on over 254 billion rand ($13.4 billion) of Eskom\u2019s debt through a debt relief scheme, subject to conditions.<\/p>\n

The main condition was that the power utility would not be able to take on any new debt for three years unless expressly approved by the country\u2019s finance minister.<\/p>\n

In 2019, the government pledged to split Eskom into three subsidiaries \u2013 transmission, generation and distribution. Eskom said in August that its transmission arm would not be operational until 2025.<\/p>\n

The World Bank loan would also support South Africa to make a \u201cjust transition\u201d away from coal, to ensure vulnerable people do not suffer as a result, Marie-Nelly said.<\/p>\n

She added that the government was \u201calso looking at the broader climate agenda, including looking at the carbon tax.\u201d<\/p>\n

For More News And Analysis About Eswatini<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eswatini. The World Bank is discussing a potential $1 billion loan to South Africa\u2019s government to help it reform its energy sector, a bank official told Reuters, as the country tries to overcome record power cuts that have crippled the economy. The loan, which would be directly to the government rather than to […]<\/p>\n","protected":false},"author":84,"featured_media":35935,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,248,249],"class_list":["post-35936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-eswatini","tag-eswatini"],"yoast_head":"\nWorld Bank discussing $1 billion loan to South Africa - Eswatini<\/title>\n<meta name=\"description\" content=\"The World Bank is discussing a potential $1 billion loan to South Africa\u2019s government to help it reform its energy se ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/world-bank-discussing-1-billion-loan-to-south-africa\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank discussing $1 billion loan to South Africa\" \/>\n<meta property=\"og:description\" content=\"The World Bank is discussing a potential $1 billion loan to South Africa\u2019s government to help it reform its energy se ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/world-bank-discussing-1-billion-loan-to-south-africa\" \/>\n<meta property=\"og:site_name\" content=\"Eswatini\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-16T06:24:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-16T06:47:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2023\/10\/sm_1697426104.066096.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1728\" \/>\n\t<meta property=\"og:image:height\" content=\"1097\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/world-bank-discussing-1-billion-loan-to-south-africa#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/world-bank-discussing-1-billion-loan-to-south-africa\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"World Bank discussing $1 billion loan to South Africa\",\"datePublished\":\"2023-10-16T06:24:46+00:00\",\"dateModified\":\"2023-10-16T06:47:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/world-bank-discussing-1-billion-loan-to-south-africa\"},\"wordCount\":325,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/world-bank-discussing-1-billion-loan-to-south-africa#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2023\/10\/sm_1697426104.066096.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eswatini\",\"Eswatini\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eswatini\/all-news\/world-bank-discussing-1-billion-loan-to-south-africa#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/world-bank-discussing-1-billion-loan-to-south-africa\",\"url\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/world-bank-discussing-1-billion-loan-to-south-africa\",\"name\":\"World Bank discussing $1 billion loan to South Africa - 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