Finance

IFC announces first commitment to South Africa’s green building sector

Wednesday, 27 April 2022 17:06
IFC announces first commitment to South Africa’s green building sector

(Ecofin Agency) - In early April, Business Partners announced a partnership with an "international partner” to support green SMEs. The disclosed agreement confirms its announcement in a market where green buildings present a US$7 billion investment opportunity between 2016 and 2030, according to the IFC. 

The International Finance Corporation (IFC) announced, Tuesday (April 26), a ZAR600 million (about US$38 million) loan for the construction of green buildings in South Africa. The loan is granted to Business Partners Ltd, a South African firm that provides financial support and mentoring to SMEs. 

According to IFC press release announcing the loan, the investment helps “fund environmentally-friendly industrial and retail sites for the use of small and medium-sized enterprises (SMEs).” 

"Working together with Business Partners Ltd, IFC will contribute to the creation of commercial green buildings and to making available green commercial building finance targeting SMEs in the South African market for the first time," explained Adamou Labara (photo), IFC's Country Manager for South Africa.

In early April, Business Partners Ltd announced a future collaboration with "local and international partners" to support South Africa's transition to a greener economy, which will benefit local green SMEs.  

IFC loans will come with technical support to help Business Partners Ltd build its green building financing capabilities. According to a study by the World Bank Group institution, “South Africa's green building demand presents a $7 billion investment opportunity between 2016 and 2030.” 

Although the supply of green buildings in the country is growing, the green building market is still at a nascent stage,” it adds. 

Chamberline Moko



 
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