South Africa on Thursday released the terms of two climate loans for a combined 600 million euros ($596.7 million) from French and German development banks, saying they were substantially cheaper than market borrowing.
The 300 million euro loan from France's AFD is for 20 years and has a five-year grace period. The interest rate is 3.6%, or six-month Euribor plus 129 basis points , South Africa's National Treasury said in a statement.
The 300 million euro loan from Germany's KFW is also for 20 years, with a five-year grace period. Its interest rate is 3%, or six-month Euribor plus 69 bps, the Treasury said. Both loans are to support the country's transition away from coal and towards cleaner energy sources.
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