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
-
Talenteo Streamlines HR and Payroll for Algeria’s SMEs
18:53
-
Huawei contemplates phone factory for rural areas in Mozambique
18:24
-
With Zerone AnalytiQs, Abby A. Aidoo Expands Data Access in Africa
18:04
-
Djibouti Introduces Digital Code to Structure its Digital Ecosystem
17:57
-
Zambia Leverages Solar Energy to Ease Power Supply Issues in Mining Sector
17:52
-
Mauritania Secures $30 Million AfDB Funding to Boost SMEs, Employment
16:55
-
Social Media and Mental Health: Africa Faces New Challenges
15:25
-
Togolese Banks Boost Loans to CFA286 Billion, Up 19% in Q1
13:14
-
Togo’s Soybean Sector Targets 500,000 Tons Production by 2026
11:29
-
Angola Partners with US Firm Cybastion to Boost Cybersecurity
09:55
• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...
Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...
• Google unveils Veo 3, its latest AI tool for ultra-realistic video generation• Experts warn deepfa...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...
• Mozambican government and Huawei considering the construction of a local mobile phone factory catered to rural needs • Special features for rural...
• Djibouti adopts new digital code to accelerate digital transformation, with focus on data protection, cybersecurity, and e-commerce. • The move aligns...
• Record drought tests Zambia's dependence on hydropower, impacting its vital mining industry • Adoption of dedicated solar projects, such as the recent...
• The African Development Bank (AfDB) has approved €25.5 million in funding to boost Mauritanian SMEs and stimulate inclusive growth.• Mauritania’s...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...
Lake Natron, located in northern Tanzania near the Kenyan border, is one of the most extraordinary and extreme lakes in Africa. Fed primarily by the Ewaso...