Tag - Eskom denies recall of World Bank loan

Eskom denies recall of World Bank loan

Eskom has rubbished weekend news reports that a World Bank loan may be recalled.

Despite a recent board overhaul, the embattled power utility was downgraded by rating’s agency Moody’s late Friday.

It faces further downgrades if it’s not able to service a number of loans, one of which is a payment to the African Development Bank due at the end of this month.

According to it’s latest financial statement, Eskom owes the African Development Bank an estimated R2.2 billion.

But will it make a repayment due at the end of the month?

The utility’s Khulu Phasiwe seems to think so, saying that the utility has been meeting with several banks.

“The bankers have been given assurance via Eskom that we still are committed to making the payments.”

He’s also denied that certain loans have been recalled.

“People are talking about the World Bank and the loans and possibly recalling them. None of the bankers have sent us letters wanting to recall anything.”

Eyewitness News understands that the AfDB loan is not government guaranteed and if Eskom defaults, it could have serious consequences.

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