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Reuters
Reuters
Business

South Africa releases terms of 600 million euro climate loans from France, Germany

South Africa Euro Africa France Germany Cyril Ramaphosa AFD KfW
FILE PHOTO: South African President Cyril Ramaphosa responds to National Assembly members' questions in parliament in Cape Town, South Africa, November 3, 2022. REUTERS/Esa Alexander

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 (bps), South Africa's National Treasury said in a statement.

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