February 28, 2018 / 2:41 PM / a year ago

Eskom signs a $2 billion short-term loan with 7 lenders

The logo of state power utility Eskom is seen outside Cape Town's Koeberg nuclear power plant in this picture taken March 20, 2016. REUTERS/Mike Hutchings

JOHANNESBURG (Reuters) - South Africa’s state-run power utility Eskom said on Wednesday it has signed a 20 billion rand ($2 billion) short-term credit facility with a consortium of seven local and international banks.

“The funding provides Eskom with sufficient liquidity to allow the company time to continue resolving its governance related issues and enables Eskom to recommence with its normal funding program required to execute the FY 2018/19 funding plans,” acting Chief Financial Officer Calib Cassim said in a statement, referring to the utility’s current financial year.

($1 = 11.7545 rand)

Reporting by Nqobile Dludla; Editing by James Macharia

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