The New Development Bank plans to lend as much as R11.2 billion at current exchange rates to Eskom for infrastructure projects this year as the ailing South African power utility battles to keep power supply steady.
The NDB, backed by the so-called BRICS nations of Brazil, Russia, India, China and South Africa, is in talks with the government about loans that could alleviate some of the pressure on the country’s electricity grid, the lender’s president, KV Kamath, said by phone. The plan to split Eskom into generation, transmission and distribution units is heartening, Kamath said. “We are equally clear that this won’t happen overnight, so there is always a need to extend a hand during the transitioning process and that’s what we are doing.”
Fin24 Money will be stolen by gov
Fin24 Good bye to south African Rule
Fin24 Selling the country one SOE at a time..
Fin24 Why are they giving them money, while our money is with the Gupta's😖😨😨😨😨
Fin24 So the SA debt will increase even more when we go to BRICS cap in hand, but up until this moment no one has been arrested for this destruction
Fin24 Let's hope it's not going to enrich someone's pocket
Fin24 C definitely know how to build power stations.
Fin24 The looting continues
Fin24 Every state entity needs to get their house in order, get rid of the thieves. There is never money, they run at a loss every year and they need to be bailed out every year. But CEO's get fat bonuses all the time. Millions of Rands. 😠😠😠😠
Fin24 And most of it will line the ANC's pockets, only one project will be done. Because they will blame processing escalation and lack of funds. Then SA won't be able to pay it back, and Eskom, Transnet and SAA will be owned by BRICS Bank. Whose the founder of BRICS Bank?
Fin24 Let the Chinese run Eskom, they would fix it in two weeks & remove 30,000 idiots who just sit around all day.
Fin24 Just call it what it is, we are lending money from China
Fin24 Oh Bad idea
Fin24 Why keep throwing money in a failing business ? The money will be gone in just few years due to corruption and mismanagement and back to square one with more debt.
Fin24 maybe the state should consider opening the industry Re: SasolSA
Fin24 Monies just going to be stolen again. Privatization is the answer.
Fin24 BRICS wants half of South Africa 🇿🇦 and they will get it bvz the Stupid ANC wants sell us 🤔🤔🤔
Fin24 No one trusts the MYANC to handle any kind of money that is intended to go to vital services. They only know how to spend money on themselves. Eskom_SA manages to make money vaporise even faster. Where does it all go? They've got nothing to show, like the ANC after 25 years.
Fin24 And it's already splitted before it reaches Eskom bank account.
Fin24 Oh good, then we get put into even more debt
Fin24 Wheres the funding from China?why do they need more?
Fin24 Together with our children, we will pay for the mismanagement of Eskom and fiscus by the ANC government.
Fin24 Makes you wonder why are we having load shedding the BS story told by PG & DD or we need to pay for IPP who are looting Eskom... buying electricity at higher rate than you can sell or donate to Soweto... I think Soweto it's time they come to the party and pay electricity
Fin24 How will money alleviate pressure from the grid? This is nonsense.
Fin24 Corruption fraud lead to inflation rise
Fin24 How much was inuclear ? 🤔
Fin24 If you borrow them money you will most likely not get it back. It will be paid out to management and to the Guptas. Ekskom doesn't even know whats happening at Eskom.
Fin24 That money MUST BE MANAGED by the World Bank themselves. I just dont trust ANYONE voting for the anc or eff. Nor do I trust eskom management one little bit.
Fin24 Is the problem possibly that as long as the ANC can keep skimming off a percentage to keep funding their political machine and patronage system the government is not so selective about where and how those funds are spent by SOE.
Fin24 What are the conditions of grant
Fin24 It will come at an even greater price SA.
Fin24 Eskom and the other SOE's must be unbundled and sold, they are liabilities and having a negative impact on the economy and people lives. The money can be spent on sectors that need it the most.
Fin24 Then this slams back into our faces as we pay more tax. Africa stop this begging business
Fin24 No please 😭
Fin24 So we're in even more debt
Fin24 Pension funds as collateral WE ALL know whats going to happen
Fin24 Which will be stolen by our corrupt government and once the loan is recalled, the tax payer will have to fit the bill. Again.
Fin24 And that, dear friends, is the beginning of the end. Wonder what the conditions are. Must they approve specific spending or can it go straight to the pockets in form of performance bonusses?
Fin24 What about all the billions spent when loadshedding started 12 years ago? Brics is taking a grand opportunity here, taxpayers will suffer long term
Fin24 What’s happened to the billions of rand recently received from China?
Fin24 I dont think one can throw money at incompetence..
Fin24 In other words, the C in BRICS will provide the money
Fin24 To a BOTTOMLESS PIT 🤷🏿♂️
Fin24 Another reason not to vote for kaaak
Fin24 More money for the thieving cANCer cadres to loot!!! 🤔😏🤨🙄🤷🏻♂️
Fin24 Let me rephrase that for you: BRICKS bank to lend Eskom billions of rands to enable Eskom to pay performance bonuses to its executives as well as pension payouts to the other executives on leave or in parliament.
Fin24 CyrilMustFall PravinMustFall loadshedding ESKOM Brics bank to lend Eskom billions to alleviate pressure only to sell at a loss to their white colonial settlers masters
Fin24 Stealing in advance, how do we feel as South Africans just sitting here on twitter, we are sittin in boilling water and the aggressor has ZERO respect for us. I swear if you vote ANC or don't advice ur family members not to u're an accomplice.
Fin24 Chinese!
Fin24 Eskom_SA must pay it back not us!!!!!!!!!!!
Fin24 This is good news but those who stole from Eskom must be arrested unless they pay back the money
Fin24 On top of this 🙆🏾♂️🙆🏾♂️🙆🏾♂️mma iyo tlhe ban
Fin24 Nice... more debt to add to the R3trillion we already owe
Fin24 And who pays it back?
Fin24 I don't understand, if 80% of the previous years ESKOM budget was stolen, it means ESKOM is running on 20% budget. Surely the budget should shrink to reflect the real operational costs. EskomCrisis doesn't need billions.
Fin24 Not going to solve the current problem! One needs competent managers and engineers who are able to maintain and turn around the rot that has settled in there! Give more money, they steal more!! Fix it!
Fin24 What is the use of money. No coal and oil for sale. Look to people who can help with renewable energy already in place.
Fin24 I'm interested in what the T&C would look like considering the predatory dispositions of China and Russia.
Fin24 South Africa keeps borrowing... Eskom
Fin24 Give to ANC and to be repaid by citizens sitting in the dark
Fin24 Money will never solve the problem of incompetant parasitic creatures governing South Africa or occupying positions in SOE's. Enough is enough. Het julle vokol skaampte nie, but then again parasitic creatures are exactly that. Parasites.
Fin24 It will go into individual pockets 😮😮😮😮😮
Fin24 Is this loan interest free?
Fin24 Who is going to pay it back? Gupta....board of directors...koko...molefe
Fin24 Siyabonga baba PresJGZuma
Fin24 Kentucky and Steers here we come!!
Fin24 It wont change a thing!!!🤷🏽♀️
Fin24 They will chow the money....🤨🤨🤨
CoruscaKhaya Fin24 What a shitshow! The debt pit will get even bigger!
Fin24 That's right sink is further into debt 🙄... The problem with Eskom was not a shortage of funds it was theft and mismanagement... Those two have not been fixed now how is pumping more money gonna solve anything? 🙄
Fin24 Lending to thieves .
Fin24 Won't change a thing. The money will be *poof* gone and we'll still be in this mess.
Fin24 And it gets repaid from what source?
Fin24 Guess what more debt 😂😂😂😂 well done looters 😡😡😡
Fin24 And how are we supposed to 'pay back the money' Again our country will be captured, and most probably by China.
Fin24 They will regret it. They wont get it back the Chinese will take their moneys first
Fin24 There is no need for that
Fin24 And we just keep borrowing ! Downgrades higher interest rates ! Circling the drain !
Tshidiso_Ram1 Fin24 What about that one from China
Fin24 I think it’s better under Brics then Russia and China will keep our looting leaders in check
Fin24 Didn't the gov say bail out for Eskom billions over the next 3years
Fin24 i think i can afford a stake in SA, it is cheap!!
Fin24 What’s the point of such a loan as it will be administered by thieves, crooks and state capturer enablers? Eskom need to get rid of the criminals and employ qualified people to run the organization. IOW, you need to employ white people.
Fin24 Great idea given the healthy state of our national debt. The brilliance is inspiring. MagnusHeystek brucebusiness
Fin24 Look who's coming to the rescue😂😂i remember when BRICS was a swearword to the current leaders
Fin24 They should get Chinese expertise to sort out the shit at Eskom
Fin24 We will becoming the slaves of China who is part of this Brics system. Slowly and very surely we will live to their economic imperialism. Who will we need to blame - Eskom.
Fin24 Yes awesome idea lets borrow more money dumbasses .....
Fin24 Bad move IMO. This puts SA deeper into debt. The money won't be spent on fixing the electricity crisis, it'll go to cANCer election campaigning or down the toilet! We already know how it goes...
Penxenxe Fin24 Loan on top of Loan...
Fin24 Please dont it will work for 6 months only and the rest will make a 🦆
Fin24 Haha if they only knew
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