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ACDP MP and spokesperson on finance, Steve Swart, today expressed regret that the World Bank appears not to have added any specific conditions relating to the financial benefits that the ANC will gain following the granting of the loan by the World Bank to Eskom last night:

"The ACDP regrets the fact that the World Bank appears not to have added any specific conditions relating to the financial benefits that the ANC will gain following the granting of the R29bn loan to Eskom last night. Whilst the ACDP appreciates the need for reliable electricity supply and the need for a loan to complete the Medupi power station, the fact that the ANC is set to gain an estimated R1bn through its shareholding in Hitachi Africa via Chancellor House amounts to a conflict of interest and is totally unacceptable. Besides it setting a dangerous precedent, it also poses a serious threat to multi-party democracy in South Africa, as political parties will not be able to compete on a level playing field, particularly in the run-up to next year's local government elections.

The World Bank, in granting this loan, should have made it a specific condition that the ANC should not benefit financially in any way whether directly or indirectly from the loan. The ACDP will raise this issue in Parliament in exercise of our oversight function.

The ACDP also calls for specific legislation regarding the funding of political parties following the granting of this loan. This legislation was promised by the ANC following the IDASA court case regarding party funding some years ago but it has not been forthcoming.

Such legislation must ensure that the political parties do not benefit financially from state or parastatal contracts, as well as ensuring that political party funding is done in a transparent and accountable manner."