January 22, 2018 / 10:38 AM / a month ago

South Africa's Eskom approaches banks to borrow $1.7 billion

JOHANNESBURG, Jan 22 (Reuters) - South Africa’s Eskom will ask local banks to reopen lending facilities that were suspended last year, its spokesman said on Monday, as the state utility seeks to drag itself out of a crisis that poses a risk to the country’s financial stability.

National Treasury will support Eskom’s bid to persuade South African banks to lend the utility 20 billion rand ($1.66 billion), spokesman Khulu Phasiwe told Reuters.

The Johannesburg Stock Exchange said last week it may suspend trading of Eskom’s bonds. ($1 = 12.0308 rand)

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