Eskom banks on new board to help secure R20 billion | Infrastructure news

Eskom has wasted no time in displaying its high hopes for its new board by announcing plans to ask banks to reopen lending facilities which were suspended last year.

The move according to Eskom spokesperson Khulu Phasiwe is part of the utility’s plan drag itself out of a crisis that poses a risk to the country’s financial stability.

Speaking to Reuters on Monday Phasiwe said National Treasury would support Eskom’s bid to persuade South African banks to lend the utility R20 billion.

“We are going to the market to try to see if we can raise that R20 billion we generally need as a company,” said Eskom spokesman Khulu Phasiwe, adding that they would approach the international market at a later stage.

Strengthening governance and management at Eskom

The presidency announced the appointment of a new board at Eskom with Jabu Mabuza at the helm, in a statement on Saturday 20 January 2018.

The decision was taken in an effort to strengthen governance and management at the parastatal, the presidency said.

Government also recommended the appointment of Phakamani Hadebe as the Acting Group Chief Executive with immediate effect.

Commenting on the appointment of the new board Ramaphosa said:  “We are confident this intervention will restore the important contribution Eskom makes to our economy. We are determined to address the damage that has been done to this institution and place it on a new path of efficiency and integrity.”

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