South Africa: Miga guarantee for Eskom

Issue 321 - 15 Apr 2016 | 1 minute read

The World Bank Group’s Multilateral Investment Guarantee Agency (Miga) on 29 March approved guarantees worth €698.9m ($783.2m) covering commercial loans to Eskom to fund transmission infrastructure improvements. The guarantees cover the risk of the government failing to honour its financial obligations to the utility for up to 15 years for commercial loans worth €470m from Deutsche Bank and Mizuho Bank. Eskom chief executive Brian Molefe said: “Miga’s credit enhancement has allowed us to secure Euro-denominated funding for longer tenors and on more favourable terms for South Africa.”

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