The public Investment Corp., Africa’s biggest fund manager, is willing to help South African power utility Eskom Holdings SOC Ltd. resolve its debt crisis, Finance Minister Tito Mboweni said at the Bloomberg Capital Markets Focus virtual event Tuesday.

“Most of the bonds actually are held by the PIC and the banks and so on,” Mboweni said. “Eskom treasury is working on this matter together with National Treasury of South Africa, to make sure we smooth out the bonds as they mature.”

Eskom’s debt had ballooned to R488 billion by the end of March, almost 11% more than it owed a year earlier. The utility’s finances have deteriorated despite the government having given it 188 billion rand in grants and loans over the past decade.

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Source: Mybroadband