South African president Cyril Ramaphosa has promised a 69 billion rand ($4.86 billion) bailout for Eskom over the next three years and says the company will be split into three to make it more efficient. The rest of the money would be split between the Lesotho Highlands water project and a renewable energy venture, the person said. "We plan to end the year with total loan approvals of about $2.3 billion in South Africa," NDB president K.V. Dondo Mogajane, director general of South Africa's finance ministry, confirmed part of the approved funding was for desulphurisation equipment at Medupi. Separately, the BRICS Bank and Eskom on Monday signed an agreement for a $180 million loan for a project to integrate renewable energy capacity into South Africa's electricity grid.

Source: Mint April 01, 2019 14:26 UTC