The International Finance Corporation (IFC), a member of the World Bank Group, has granted Absa a R4.5bn loan to expand its green building finance portfolio.
- The loan will enable Absa to increase access to green building finance for both developers and individual home buyers.
- Increasing funding for green buildings can help South Africa address power and water shortages, according to the IFC.
- The loan is part of the IFC’s efforts to promote sustainable finance and tackle climate change.
- Absa has committed to being a responsible lender and implementing sustainable business practices.
- The bank has set a target to achieve a 25% reduction in its carbon footprint by 2025.
- The loan is expected to have a positive impact on the environment and contribute to sustainable development in South Africa.
- The expansion of Absa’s green building finance portfolio is in line with the country’s commitment to the Paris Agreement on climate change.
- Overall, the loan from the IFC to Absa is a significant step towards promoting sustainable finance and addressing climate change in South Africa. It will enable Absa to expand its green building finance portfolio, which is expected to have a positive impact on the environment and contribute to sustainable development in the country.