South Africa gets R8.1 billion from Chinese investment bank to fix poor services, including electricity delivery

[Luis]

R8.1 billion from China to fix electricity problems in South Africa's largest cities

Beijing-based Asian Infrastructure Investment Bank (AIIB) has signed an R8.1 billion ($500 million) loan agreement with South Africa to improve the operational performance of the country's largest cities.

The National Treasury of South Africa said that part of the loan was aimed at improving electricity services across the country's eight metropolitan municipalities, which include its major cities.

 

[x7razor]

LOL money is already stolen viva ANC.

 

[Mista_Mobsta]

 

[lordnokon]

South Africa gets R8.1 billion from Chinese investment bank to fix poor services, including electricity delivery​

FIXED IT

ANC & Co gets R8.1 billion from Chinese investment bank, which will not be used to fix poor services, including electricity delivery...​

 

[VegOtter]

Large cities in South Africa are grappling with long-term systemic issues affecting their electricity distribution, including enormous mounting debts and widespread infrastructure under-maintenance.

So our solution to being in too much debt is taking on more debt...

Logic and reason left a long time ago.

 

[Bad Ballie]

"Constrained" - is this the new buzzword for incompetent idiots running the system?

 

[Praeses]

Obviously more money fixes everything!

 

[LazyLion]

The Foxes are in the hen house again....

 

[EmmanuelGoldstein]

Time to eat, comrades.
@TheChamp I hope they throw you more than a KFC drumstick bone this time

 

[neoprema]

That money has disappeared before the SWIFT forex transfer even completed...

 

[EmmanuelGoldstein]

That money has disappeared before the SWIFT forex transfer even completed...

Of course it has...

 

[Hemi300c]

Just in time for bribes for votes and the rest gets pocketed.

The reason for the loan can go to hell.

 

[krusty22]

… Looting spree loading

 

[Brian_G]

Just give them a trillion already and stop pretending they qualify for any of it :-/

 

[saor]

So our solution to being in too much debt is taking on more debt...

Logic and reason left a long time ago.

It's lekker when you have taxpayers to call on. Fokkol worries for the ANC.

 

[biena]

Wonder which SA asset is backing this loan. China's method is to give loans and when it is not paid back they take airports/power stations/whatever was used to back the loan.

 

[Brian_G]

Wonder which SA asset is backing this loan.

Politicians. Ours make super duper puppets.

 

[EmmanuelGoldstein]

Wonder which SA asset is backing this loan. China's method is to give loans and when it is not paid back they take airports/power stations/whatever was used to back the loan.

The oil reserves? Gold?

 

[denmendez65]

Wonder which SA asset is backing this loan. China's method is to give loans and when it is not paid back they take airports/power stations/whatever was used to back the loan.

Like they are doing all over Africa. Hwange National park in Zim is being destroyed by the Chinese. Zambia has lost a lot of things to the Chinese also due to unpaid loans. Kenya is even worse etc.

But you hear people in SA saying the Chinese are our friends, and the US are our enemies. Neither are your friends. Its plain stupidity to think any of them benefit SA. And when the Chinese take over something, the only thing they use locals for is manual labor. Everything else is done by them. They bring their own people.

 

[Gordon_R]

Wonder which SA asset is backing this loan. China's method is to give loans and when it is not paid back they take airports/power stations/whatever was used to back the loan.

The OP makes it clear that the loan is from the multilateral Asian Infrastructure Investment Bank, not from China per se. Member countries are quite diverse:

Asia: 42 members (Core regional hub including China, India, Indonesia, South Korea, Pakistan, and Saudi Arabia).
Europe: 26 members (Including the UK, France, Germany, and Italy).
Africa: 22 members (Including South Africa, Egypt, Ethiopia, and Ghana).
Oceania: 10 members (Including Australia and New Zealand).
South America: 9 members.
North America: 2 members.