The Standard Bank Group, the parent company of Stanbic Bank Ghana, has successfully closed a sustainable term loan amounting to USD 250 million. The loan, in collaboration with the International Finance Corporation (IFC), underscores the Standard Bank Group’s commitment to advancing sustainability goals.
This funding infusion is earmarked for a portfolio of green and social assets, particularly focusing on renewable energy and affordable housing initiatives.
The allocation aligns with the Group’s overarching sustainability strategy and dedication to financing renewable energy power projects and social endeavors in South Africa and across the continent. The seven-year term loan structure reflects the commitment to a sustainable future.
The Standard Bank Group, particularly through its sustainable finance division, has a concentrated focus on delivering financial products and services that facilitate positive sustainability outcomes.
These encompass green and social loans and bonds, sustainability-linked financial instruments, sustainable trade and working capital solutions, as well as impactful investments.
Sasha Cook, Head of Sustainable Finance at the Standard Bank Group, highlighted the significance of this treasury transaction with the IFC. She noted, “This transaction enables Standard Bank to drive greater positive environmental and social impact in the areas of renewable energy, as well as supporting provision of financing for individuals seeking to acquire homes in the affordable housing segment.”
Adamou Labara, IFC Country Manager for South Africa, emphasized the broader implications of this collaboration.
He underscored, “Increasing access to climate and affordable housing finance will help South Africa achieve sustainable and inclusive economic growth.” Labara further noted that the partnership with Standard Bank supports the nation’s transition towards a low-emissions, climate-resilient economy while expanding access to affordable housing and improving citizens’ quality of life.
Kenny Fihla, Chief Executive for Corporate and Investment Banking at Standard Bank Group, expressed the significance of the loan, emphasizing its role in driving positive environmental and social impacts in Africa.
The bank’s successful attainment of this USD 250 million sustainable term loan further affirms its steadfast commitment to renewable energy and affordable housing initiatives, which contribute to holistic progress on the continent.
With a presence across 20 African countries and five global financial centers, the Standard Bank Group stands as the largest African bank by assets.
With a history spanning 161 years in South Africa and an expanding franchise beyond its borders, the group is primed to play a significant role in shaping the sustainable economic landscape of the continent.
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