SA’s Absa Bank negotiates $150mln from IFC for green projects
Thursday, 06 May 2021 20:02
South African Absa Bank, former subsidiary of British Barclays Bank, is about to obtain up to $150 million in loan from the International Finance Corporation to support green projects. ICF says this is Africa's first certified green loan.
"Africa's green transition requires considerable mobilization of funds [...] The agreement with IFC bolsters our funding available for green projects and strengthens Absa's position as a leader in financing renewable projects in South Africa," said Jason Quinn, Absa Interim MD.
Beyond the financing, IFC will provide the beneficiary with technical assistance and share its expertise on green bonds and loans. Absa wants to increase its financing in projects targeting biomass and renewable energy.
The operation is IFC's fourth green finance investment in the South African banking sector. The lender estimates that there is a $588 billion investment opportunity for climate change mitigation in South Africa by 2030. Commercial banks, which already provide 67% of such financing in the country, are best positioned to seize this opportunity.
Chamberline Moko
Live News
-
Togo raises 22 bln CFA francs on regional debt market
17:16
-
Nigeria Considers New Company to Fix Weaknesses in Power Transmission Grid
16:07
-
Senegal Secures EU Funding to Extend Regional Express Train to Thiès
16:01
-
Ethiopia’s Stock Exchange Launches Digital Trading Platform to Broaden Investor Access
15:56
-
After 14 Years, Phatisa Exits Zambia’s Goldenlay and Belgium’s Vanden Avenne Steps In
15:52
-
Luxembourg, through LuxDev, to finance higher education projects in Togo
13:26
-
Togo approves bill updating environmental law and introducing carbon tax
13:21
-
Togo advances reform to centralise SME and youth entrepreneurship support
13:03
-
German Cooperation Injects €4m Into Climate-Smart Farming Drive in Northern Cameroon
10:01
-
Cameroon considers co-financing youth incubation programme in plantain value chain
09:55
Senegal launches 200 billion CFA bond in UEMOA Proceeds to fund 2026 budget, transformation agend...
Military escalation between Iran, Israel, and the United States has raised the risk of disruptions...
Algeria’s NESDA and the Algerian‑Saudi Investment Company sign cooperation deal focused on researc...
DRC seeks ITC support for local battery value chains Musompo SEZ targets $2 billion private ...
Central Bank of Nigeria said 20 commercial banks have met new minimum capital requirements, with...
Nigeria is considering creating a Grid Asset Management Company (GAMCO) to manage transmission infrastructure. The move targets a key bottleneck...
The European Union has approved €6 million to support the next phase of Senegal’s regional express train expansion. The funding will help...
The Ethiopian Securities Exchange has launched “Neway,” a web and mobile trading platform for investors. The tool allows users to open accounts,...
Nigeria will launch its National Single Window platform on March 27 to centralize trade procedures. The system will allow online processing of...
African-born artists generated $77.2 million in auction sales in 2024, down 31.9% year-on-year. Women artists accounted for about $22...
In April 2026, the Amani Festival will change venues. Forced to leave Goma for Lubumbashi due to growing insecurity, the event turns displacement into an...