Brics Bank | SA Radio .com

Brics Bank borrows bankrupt Eskom ‘R6 billion’ for battery system – Will the SOE ever be able to repay the loan and what happens if he is unable to do so?

Posted on 30/12/2019 Leave a comment

The bankrupt power provider has obtained a loan from the Brics Bank carried by five counties in the world, of which South Africa is one.

Eskom has secured a loan of R6bn with the aim to “store” electricity, which will work through a battery system.

The system will allow Eskom to store 360 MW across four provinces, but there are some resignations about the efficiency of its system, and some experts believe the money could have been better spent on setting up solar farms.

There are also concerns about Eskom’s ability to repay the loan at set times.

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7th Brics loan worth R7 billion to be granted to the SA National Roads Agency, controlled by ANC regime will probably not be used for optimal benefits for road users

Posted on 18/09/2019 Leave a comment

The “new Development Bank” known as Brics Bank, has approved the lending of R7bn to the state-owned entity Sanral.

This is the seventh loan to South Africa that Brics has granted, and the latest loans are considered another step closer to junk status.

The SA National Roads Agency (SANRAL), which initially intended to realize huge profits from e-toll, has failed miserably, and financial experts consider the entity as another state-run institution that does not raise the financial burden.

To date, Sanral has not been able to raise sufficient funds to keep national roads in good shape, and there is no concern that the R7bn will not be well managed so as to realize optimal benefits for road users.

The Brics countries, Brazil, Russia, India, China and South Africa set up the Brics Bank to counter the IMF

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