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South Africa in Talks With World Bank Over $1 Billion Loan

The World Bank is in talks over a potential $1 billion loan to South Africa in an effort to help the nation reform its energy sector. The country has been facing record power cuts which have crippled its economy.

State utility company Eskom has been struggling to maintain its national power supply as its coal-powered plants continue to age and break down. Marie Francoise Marie-Nelly, the World Bank’s director for South Africa, revealed that the loan would be awarded to the government rather than Eskom.

“It’s a policy development loan which supports critical reforms,” Marie-Nelly explained, adding, “There’s 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.” Although no specific date was given, Marie-Nelly mentioned that the loan is “going to come very soon.”

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