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
-
Canadian Junior AJN Steps Into DRC Gold Sector With 55% Stake in Giro Project
20:05
-
Sierra Leone: Proparco Approves $23M Loan for 600-Ton/Day Flour Mill in Freetown
20:00
-
Senegal Plans to Nationalize Yakaar-Teranga Gas Project
19:40
-
World Bank Installs Resident Representation in E.Guinea Nearly 55 Years After Country Joined Group
19:18
-
Cameroon’s Leasing Margins Plunge 73.6% as Sector Activity Slows Sharply
16:53
-
Cameroon’s Mobile Money Industry Accelerates, Topping CFA135.84bn
16:50
-
Officials Reveal Rice Project on Track to Slash Import Bill and Meet Local Demand
15:19
-
Cameroon Secures New Economic Push as UNDP and Brazil Back Women-Led and Agro-SME Growth
14:42
-
South Africa’s Capitec to Buy Walletdoc for $23.5 Million
14:15
-
Egypt’s MoneyHash, Saudi Amwal Tech to Expand Local Payment Options
14:12
Camtel to launch Blue Money in 2026, entering Cameroon’s crowded mobile money market led by MTN Mo...
Eritrea faces some of the Horn of Africa’s deepest infrastructure and climate-resilience gaps, lim...
Huaxin's $100M Balaka plant localizes clinker production, saving Malawi $50M yearly in f...
Nigeria seeks Boeing-Cranfield partnership to build national aircraft MRO centre Project aims t...
Omer-Decugis & Cie acquired 100% of Côte d’Ivoire–based Vergers du Bandama. Vergers du Band...
AJN Resources moves deeper into African gold with deal for 55% of DRC’s Giro project Acquisition adds Kebigada and Douze Match deposits as gold...
Proparco lends $23 million to Sonoco to build a 600-ton/day flour mill in Freetown Project aims to cut flour imports and supply regional...
Move follows delays, stalled investment decision and BP’s earlier withdrawal Government prioritizes domestic gas supply while keeping option for...
Galp and TotalEnergies strike asset-swap deal giving TotalEnergies control of Namibia’s Mopane find Galp gains stakes in Venus and PEL 91 as firms...
Cameroon’s REPACI film festival returns Dec. 11-13 with 135 short films Events include screenings, masterclasses, panels on social cinema and...
Cidade Velha, formerly known as Ribeira Grande, holds a distinctive place in the history of Cape Verde and, more broadly, in the history of the Atlantic...