t the COP26 climate change conference in Glasgow in 2021, a group of international partners pledged $8.5 billion to accelerate South Africa’s. Since then there have been numerous discussions about how the money will be used and when it will be received by South Africa, with varying degrees of clarity.
“The approval of South Africa’s application for CIF finance has opened the way for the detailed project plan to be developed,” Yawitch said. There had been a process to determine what would happen to each individual amount that makes up the $8.5 billion pledged, andAccording to Yawitch, one of the roles of the PMU is to match the $8.5 billion with projects, including the grants.
On 4 November, South Africa signed two concessional loans with the French Agence Française de Développement and Germany’s Kreditanstalt für Wiederaufbau for €300 million concessional loans each. The loans were provided directly to the treasury. The loans are reflected in South Africa’s gross borrowing requirement in the 2023 medium-term budget policy statement.debt relief package from the treasury announced in February stipulates that Eskom cannot borrow money for the next three years, and that it is unable to apply for sovereign guarantees.