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  • keyboard_arrow_rightSouth Africa signs R8.6 billion AfDB loan for Just Energy Transition

South Africa signs R8.6 billion AfDB loan for Just Energy Transition

Zuko Komisa

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  • South Africa has secured an approximately R8.6 billion loan from the African Development Bank to advance its Just Energy Transition.
  • This funding aims to boost energy security, accelerate decarbonisation, and foster job creation.
  • The loan offers favourable terms and is part of a wider international effort supporting infrastructure reforms.

South Africa has inked a significant loan agreement with the African Development Bank (AfDB) worth approximately R8.6 billion (US$474.6 million) to bolster the nation’s ambitious Just Energy Transition (JET) programme.

This latest financial injection follows a previous policy loan secured in 2023, further solidifying the collaborative efforts to reshape South Africa’s energy landscape.

The National Treasury, in a statement released on Thursday, emphasised the crucial nature of this partnership with the AfDB in driving South Africa’s developmental objectives.

“This new agreement underscores the importance of South Africa’s partnership with the AfDB in advancing South Africa’s development agenda,” the Treasury stated.

“It strengthens efforts to improve energy security measures, accelerate the decarbonisation of the economy, and enhance the socio-economic benefits of the energy transition, enabling inclusive economic growth and fostering job creation.”

This substantial loan forms part of the third Development Policy Operation, a broader initiative also involving contributions from the World Bank, KfW Development Bank, Japan International Cooperation Agency, and the Organisation of the Petroleum Exporting Countries Fund for International Development (OPEC Fund).

The loan itself is structured with highly favourable concessional financial terms. With a nominal value of US$474.6 million (approximately R8.6 billion), it boasts a maturity period of 15 years, including a three-year grace period. The interest rate is set at the daily Secured Overnight Financing Rate (SOFR) plus 1.22%.

The National Treasury conveyed its profound gratitude to the AfDB for its ongoing commitment to South Africa’s development.

“The National Treasury wishes to express its appreciation to the AfDB for its continued partnership and support of South Africa’s development objectives,” the statement concluded.

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