South African Lawmakers Approve $4 Billion Bailout For Eskom

(Bloomberg) -- South Africa’s National Assembly approved a law that allocates a 59 billion rand ($4 billion) bailout to the trouble state power utility Eskom Holdings SOC Ltd.

The Special Appropriation Bill will see the government give Eskom 26 billion rand in the year through March and 33 billion rand the following year.

Eskom has amassed 450 billion rand in debt and isn’t generating enough cash to cover its costs. The 59 billion-rand grant, which was first announced in July, is in addition to a three-year, 69 billion-rand bailout that was approved in February.

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