South African bank secures continent's 'first green loan'
The private-sector arm of the World Bank says it will lend up to $150 million to Johannesburg-based Absa Bank for green project funding.The International Finance Corp (IFC) today announced it will provide credit of up to $150 million to Johannesburg-based lender Absa Bank to finance renewable energy and climate change-related projects it what it labeled "Africa's first certified green loan." The finance, which complies with the green loan principles stipulated by London-based lending-market membership body the Loan Market Association, will finance "biomass and other renewable energy projects ...
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