R131bn from rich countries will help Eskom speed up new power projects, De Ruyter says

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Eskom CEO André de Ruyter. Photo: Deaan Vivier/Netwerk24
Eskom CEO André de Ruyter. Photo: Deaan Vivier/Netwerk24

Following a breakthrough deal, South Africa will receive $8.5 billion (R131 billion) in grants and loans from the world’s richest countries to fund a move away from coal – with Eskom planning to use its part of the funding to speed up its new energy projects, says CEO André de Ruyter.

On Tuesday, President Cyril Ramaphosa announced the agreement with the United States, Germany, Britain and France, which was confirmed at the COP26 climate talks in Glasgow, Scotland.

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