Finance

Finance

WB allowances $3.75 bln to Republic of South Africa

09 April 2010 09:44 (UTC +04:00)

Baku â€“ APA-Economics. The World Bank Board will consider a $3.75 billion project loan to South Africa’s power utility, Eskom on 8 April 2010 to finance its capital expenditure programme. The premise upon which the World Bank loan application for Eskom was made, was based on the fundamental belief that developing countries must be allowed to develop their energy security for their populations, in the most cost effective and sustainable manner, Moneyweb reported.

South Africa is pursuing an energy strategy compatible with both our commitments in the Copenhagen Accord to reduce emissions by 34% below the "business as usual" level by 2020, and 42% by 2025. This strategy includes meeting urgent generation expansion while committing to an aggressive programme to enhance energy efficiency measures and introducing renewable energy as well as demand-side management.