1. The World Bank loan was disbursed under the South Africa Covid-19 emergency response project. As such the proceeds will only be used to fund South Africa’s vaccine rollout strategy which includes retroactively funding the delivery and distribution plan as of January 2021
2. The terms of the loan were agreed upon before disbursement. The funding rates are concessional based on a 6-month Euribor reference rate plus a 0,47% spread as well as a grace period of 3 years after which the loan will be repaid for 13 years. This is cheaper than any funding the sovereign could achieve in debt capital markets for equivalent tenor loans.