COP27 | SA secures funding from France, Germany

JOHANNESBURG - South Africa has signed loan agreements with France and Germany worth about R10bn to facilitate its transition from coal.

The loans will be provided by the French and German public development banks.

The agreements are part of the initial R153bn pledged to South Africa by the International Partners Group.

The group includes the UK, the US, France, Germany and the rest of the European Union.

President Cyril Ramaphosa says less than 3% are in the form of grants, with the rest being loans.