Kaya 959 Reporter
South Africa’s Covid-19 Emergency Response Project has received (R7.6 billion) in financing from the World Bank.
The loan, which was approved by the Bank’s Group Board of Executive Directors on Monday, comes in response to a request from the South African government for assistance in financing vaccine procurement contracts.
The World Bank and the National Treasury noted in a joint release that this project will particularly finance the GoSA’s procurement of 47 million Covid-19 vaccine doses retroactively.
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“South Africa welcomes this EUR 454.4 million World Bank loan to support COVID-19 vaccination as the spread of the virus continues to pose a threat to South Africa’s citizens, health system, and economic recovery.”
“The loan forms part of government efforts to reduce debt service costs by making use of cheaper sources of funding through multilateral development banks, whilst supporting the health system to respond to COVID-19 through the roll-out of vaccines, critical research, and treatment measures,” says Ismail Momoniat, National Treasury Acting Director-General, South Africa.
Cyril and his accomplices have taken another loan from World Bank while still paying for the R500 Billion Covid Relief Funds loan which disappeared in three months.Our sovereignty is at risk !!!🤔 pic.twitter.com/iUDnTKlU0L
— The Special one🇿🇦 (@Nhleiks5) June 14, 2022
Treasury said the loan is part of the government’s efforts to lower debt service costs by tapping into cheaper finance sources like multilateral development banks, while also assisting the health sector in responding to Covid-19 through vaccine rollouts, vital research, and other measures.
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