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A member of the World Bank Group, International Finance Corporation (IFC) has announced Africa’s first certified green loan to Absa Bank Ltd.
It will increase funding for biomass and other renewable energy projects in South Africa, supporting the country’s power sector and economic recovery from COVID-19.
IFC will provide Absa Bank Ltd., one of Africa’s largest financial services groups, with a loan of up to $150 million to support the bank’s strategy to expand its climate finance business and help South Africa meet its greenhouse gas reduction targets.
The loan is the first certified loan in Africa that complies with the Green Loan Principles.
IFC and Absa Bank Partner on Africa s First Certified Green Loan to Support Green Energy Projects
05/06/2021 | 02:45pm EDT
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Johannesburg, South Africa, May 6, 2021-Africa s first certified green loan, announced today by IFC to Absa Bank Ltd., will increase funding for biomass and other renewable energy projects in South Africa, supporting the country s power sector and economic recovery from COVID-19. IFC, a member of the World Bank Group, will provide Absa Bank Ltd., one of Africa s largest financial services groups, with a loan of up to $150 million to support the bank s strategy to expand its climate finance business and help South Africa meet its greenhouse gas reduction targets.