Eskom announced a loan agreement with China worth R19,6 billion to finance the Medupi coal power station.

The loan will be repaid over 15 years, and according to Anjj Singh, Eskom’s chief financial officer, Eskom’s debt will now rise to R 500bn.

The loan raised eyebrows, as Eskom was further wrecked by Moody’s rating last month. No steady and reliable institution will allow such a loan if there are no hidden motives involved.

It has been known for years that China is engaged in a gradual economic colonization of Africa. The expectation is that Eskom can not repay the loan, which will give the Chinese the opportunity to take over Eskom and have a big step deep in the South African economic door.

Read the original article in Afrikaans on Die Vryburger

South Africa Today – South Africa News