Financing the ANC: Chancellor House, Eskom and the dilemmas of party finance reform

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2010

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Jacana Media (Pty) Ltd

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University of Cape Town

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On 8 April 2010 the World Bank approved a US$3.75 billion loan to help South Africa achieve a reliable source of electricity supply. The loan, the World Bank’s largest lending engagement with South Africa since the end of apartheid, was provided to South Africa’s state-owned power utility, Eskom, and was brought about by the circumstances surrounding South Africa’s energy crisis of 2007–8, and the global financial crisis that exposed South Africa’s vulnerability to an energy shock and accompanying severe economic consequences. Named the Eskom Investment Support Project (the Eskom Project), the World Bank loan will co-finance the completion of the 4800MW Medupi coal-fired power station (US$3.05 billion), the piloting for a utility-scale 100MW wind-power project in Sere and a 100MW concentrated solar-power project with storage in Upington (US$260 million), and low-energy efficient components, including a railway to transport coal with fewer greenhouse gas emissions.
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