In another huge loan, the Chinese Exim Bank will take over the Eskom Facility Plant in South Africa. This was announced by a recent tweet from Exim Bank.
Eskom is a South African electricity public utility, established in 1923 as the Electricity Supply Commission (ESCOM). Eskom operates a number of notable power stations, including Kendal Power Station, and Koeberg nuclear power station in the Western Cape Province, the only nuclear power plant in Africa.
Eskom generates 95% of electricity in South Africa and has the only nuclear power station in Africa.
The company is divided into Generation, Transmission and Distribution divisions and together Eskom generates approximately 95% of the electricity used in South Africa.
The Bank wishes to clarify to South Africa that Eskom Facility plant was granted R33.4 billion with a 5 year grace period, the loan repayments will start on June 2019 in 20 installments over 10 years. However, the default in payment will see the bank take absolute control of the plant.
Here are some other countries in trouble:-
* Chinese Bank Loans 200 Million And Takes Full Exclusive Fishing Rights Over The Coast Of Somalia
* Chinese Exim Bank Takes Over Entebbe Airport In Uganda
* China Gains Farming Rights Over Five African Countries
* China is cutting 45.000 ha of rainforest in Cameroon for Rubber
This news release does not necessarily reflect the opinion of SA-news.
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