In another huge loan of 33.4 billion rand the Chinese Exim Bank will take over the Eskom Facility Plant in South Africa. This was announced by a recent tweet from Exim Bank.
Eskom is a South African electricity public utility, established in 1923 as the Electricity Supply Commission (ESCOM).
Eskom operates a number of notable power stations, including Kendal Power Station, and Koeberg nuclear power station in the Western Cape Province, the only nuclear power plant in Africa.
Eskom generates 95% of electricity in South Africa and has the only nuclear power station in Africa
The company is divided into Generation, Transmission and Distribution divisions and together Eskom generates approximately 95% of electricity used in South Africa.
The Bank wishes to clarify to South Africa that Eskom Facility plant was granted R33.4 billion with a 5 year grace period, the loan repayments will start on June 2019 in 20 installments over 10 years.
However default in payment will see the bank take absolute control of the plant.
China’s debt traps
The amount of Chinese take-overs in Africa is worrying. The colonization is taking place in full force as we speak.
China is using so-called dept traps in its strategy to seduce poor countries with loans in the name of development.
These loans are often high and mostly it is not possible for the countries to pay the loan back.
That’s the moment that China says ‘Hey, if you can’t pay back, we will take your power stations, airport, port, broadcasting company’ and so on.
African leaders are often making decisions for personal interest. The lack of leaders with a vision is a problem which China is using in its strategy to take over the continent.
In Zambia, China recently took over its broadcasting company. It seems that the Chinese propaganda machine in Africa already installing itself.
China is aiming on African broadcasting companies now. Something fishy is definitely going on.
In thier tweet, the Exim Bank wishes to clarify to South Africa that Eskom Facility plant was granted R33.4 billion with a 5 year grace period, the loan repayments will start on June 2019 in 20 installments over 10 years.
However default in payment will see the bank take absolute control of the plant Exim Bank China (@EximBankChina) January 10, 2019
Exim Bank China
The Bank wishes to clarify to South Africa that Eskom Facility plant was granted R33.4 billion with a 5 year grace period, the loan repayments will start on June 2019 in 20 installments over 10 years. However default in payment will see the bank take absolute control of the plant pic.twitter.com/PyNayzNBUn
— Exim Bank China (@EximBankChina) January 10, 2019
Source: Green World Warriors
