Masondo raises R146bn South Africa debt forgiveness

David Masondo, South Africa’s deputy finance minister, suggested that investors forgive about R146-billion of sovereign debt in exchange for the national power utility meeting climate targets. In order to transition from the use of coal to generate electricity to renewable energy Eskom Holdings will need to borrow about R400-billion, equal to its current debt, and will need a “complementary transaction” to achieve that, he said in a speech on Tuesday.