The African Development Bank will commit R42.5 billion in new financing to South Africa over the next five years.
The African Development Bank will commit 42.5 billion rand in new financing to South Africa over the next five years, including a 6 billion-rand package to help state power utility Eskom Holdings SOC Ltd. transition toward using cleaner sources of energy.
Eskom’s ability to transition away from coal, which it uses to supply more than 80% of South Africa’s power, is key to meeting the country’s ambitions to tackle climate change. The AfDB pledge is a major boost for President Cyril Ramaphosa, who initiated a drive four years ago to secure 1.2 trillion rand of new investment by 2024 to bolster economic growth and stimulate employment.
The government is making headway in implementing structural reforms to make it easier to do business, including opening up the freight-rail system to private investors, addressing power shortages, cutting red tape and selling off broadband spectrum to reduce telecommunications costs, Ramaphosa said in his opening address to the conference.
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