South Africa will be unable to meet its power supply requirements if its application for a $3.75 billion loan from the World Bank is not approved, Energy Minister Dipuo Peters said on Friday.
South Africa's state-owned utility Eskom [ESCJ.UL] is seeking the loan, intended to help expand power generation capacity to meet fast-rising demand in Africa's biggest economy.
"Without the World Bank loan, South Africa will not be able to meet its energy commitments," Energy Minister Dipuo Peters told a media briefing.
A senior official in Peters' department told Reuters on Thursday the country may enforce power cuts or raise electricity tariffs further if it fails to secure the loan. [ID:nLDE62A2K5] (Reporting by Muchena Zigomo; Writing by James Macharia)
Source - http://www.reuters.com |
