The South African government is closer to receiving the R18 billion ($1 billion) loan from the World Bank to help the energy crisis.
The World Bank said on Wednesday that its board had approved a $1 billion loan, according to Reuters.
The loan will help state utility Eskom address its shortfalls and help the company transition to a low-carbon economy.
It should also be noted that the money would be used to help upgrade power and logistics infrastructure within SA.
Marie Francoise Marie-Nelly, the World Bank's director for South Africa said reforms that SA had initiated would “benefit the people of South Africa - particularly the most vulnerable households - the economy, the environment, and advance the energy transition”.
‘WE HAVE TURNED A CORNER’
Electricity Minister Kgosientsho Ramokgopa said on Monday that plans that had been put in motion were beginning to bear fruit with regard to SA’s energy action plan.
“We are beginning to illustrate how it is possible to come out of load shedding. For us to get to a period where we have 365 days of no load shedding, it starts with one day of no load shedding. We are getting closer to where we want to be,” Ramokgopa said.
“We are not yet there, (but) we have turned a corner, the available generation is going up, consistent performance. We are beginning to bridge on a consistent basis 30,000 MW,” he said.
“The idea of going below 12,000 of unplanned capacity loss factor is real.”