The World Bank is to expedite a $3.75 billion loan for South African power utility Eskom and to present it for approval in March 2010, a World Bank official said on Wednesday.

The official told Reuters the loan proposal would be presented to the World Bank board in March. The loan, which will be guaranteed by the government, is intended to help the state-owned utility with a critical $51.4 billion power supply expansion to enable it to meet fast-rising demand.

If approved, it would be the largest World Bank loan for a project in post-apartheid South Africa.

The $3.75 billion project will be financed through the the International Bank for Reconstruction and Development, the World Bank's financing arm for credit-worthy poorer countries and emerging market economies.

Reported by Reuters