EFF statement on the World Bank, German, African Development Bank energy loans
22 November 2023
The Economic Freedom Fighters (EFF) strongly condemns the so-called "just energy" loans from the World Bank, German, and African Development Bank. We view this as an attempt to entrap South Africa in a debt trap by the ANC, owing to their diminishing political power and control.
South Africa does not need any loans to resolve its energy crisis. The so-called "just energy transition" is nothing but a plot to undermine South African sovereignty and enable profiteering at the expense of our people. The stability of South Africa's energy generation, in a dependable and affordable manner, will not be driven by profiteering and involvement of Western imperialist agendas.
The loans are presented as below-market rate loans for a just energy transition. However, the reality is that these loans are meant to control and dictate South Africa's politics and policy agenda once the ANC loses power. We have raised, in the past, the National Treasury's deliberate increase in foreign dollar-denominated loans that come with conditions designed to control South Africa.
The EFF also notes that none of these loans provided for the so-called "just energy" transition are meant for additional generation capacity. Instead, the priority is given to building transmission and distribution networks suitable for the privatisation of generation.