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
-
CAPZA Takes Minority Stake in Strategic Communications Firm Concerto
10:32
-
Mali’s Kobada gold project targets higher output ahead of 2026 mine development
10:26
-
Nigeria Moves to Replace Aging NigComSat-1R With Two New Satellites
10:25
-
Kenya, Czech Republic sign defense cooperation deal to deepen security ties
09:59
-
Kenya readies digital system to automate external debt payments
09:57
-
U.S., Togolese Lawmakers Discuss Formal Dialogue on Health, Food Security, Security
15:30
-
Gabon Launches Digital Skills Program for 1,000 Youths With U.S. Firm Cybastion
15:27
-
Somali Parliament Approves Cybersecurity Law Amid Rising Threats
15:23
-
Fintura Founder Bernice Houy Targets Efficiency in Accounting Firms
15:20
-
SOCAPALM Cuts Dibombari Estate by 23%, Returns 2,566 Hectares to State for Community Use
14:15
Except for Tunisia entering the Top 10 at Libya’s expense, and Morocco moving up to sixth ahead of A...
Circular migration is based on structured, value-added mobility between countries of origin and host...
BRVM listed the bonds of the FCTC Sonabhy 8.1% 2025–2031, marking Burkina Faso’s first securitiz...
CBE introduced CBE Connect in partnership with fintech StarPay. The platform enables cross-border...
President Tinubu approved incentives limited to the Bonga South West oil project. The project tar...
Private equity firm CAPZA acquired a minority stake in Concerto without changing governance. Concerto aims to accelerate international expansion,...
Toubani Resources plans to update mineral resources at its Kobada gold project. The company aims to identify additional gold volumes beyond the...
Kenya and the Czech Republic signed a defense cooperation agreement in Nairobi. The deal covers military training, peacekeeping, intelligence,...
Kenya will launch a digital platform to automate payments on external debt. The system goes live on February 2, 2026, with a one-month transition...
The Khomani Cultural Landscape is a cultural site located in northern South Africa, in the Northern Cape province, near the Kgalagadi Transfrontier Park....
Three African productions secured places among the 22 films competing for the Golden Bear at the 76th Berlin International Film Festival. Berlinale...