Standard Bank has secured a R4.4bn ($250 million) sustainability-linked loan with the International Finance Corporation (IFC).
- The loan will enable the bank to provide more financial products and services for renewable projects and help provide funding in the affordable housing market.
- This is the first sustainable loan the IFC has concluded with a commercial bank in South Africa.
- The loan will drive greate positive environmental and social impact in the areas of renewable energy and affordable housing.
- It entrenches Standard Bank’s strategic ambitions and commitments to finance renewable energy power plants and social projects in South Africa and across Africa.
- The bank has spent R55 billion ($3.1 billion) last year to finance 29 sustainable transactions, exceeding its goal of R40 billion.
- The loan reaffirms the lender’s focus on renewable energy and affordable housing, which will deliver positive environmental and social impacts in Africa.
- The loan will aid the country in achieving sustainable and inclusive economic growth.