In a bid to enhance access to finance for renewable energy and affordable housing initiatives in South Africa, the International Finance Corporation (IFC) has announced a partnership with Standard Bank Group, one of Africa’s largest banking conglomerates.
IFC’s commitment of a $300 million sustainable Tier 2 capital loan to Standard Bank South Africa, a subsidiary of Standard Bank Group, aims to facilitate lending for renewable energy projects and home loans targeted at low-income homebuyers in South Africa. Notably, half of the loan allocation will be earmarked for home loans to women borrowers.
Of the $300 million loan, IFC directly sponsored $260 million, while the remaining $40 million was mobilized from commercial investors.
This financing initiative comes at a crucial time for South Africa, which grapples with an energy crisis largely fueled by reliance on coal, constituting 80% of its energy mix. By reducing dependence on coal-powered energy, IFC’s funding is poised to play a pivotal role in the country’s transition to cleaner energy sources. Additionally, it aims to address the pressing need for affordable housing, with South Africa facing a housing deficit of approximately 3.7 million dwellings, primarily in the low-cost housing segment.
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IFC’s commitment of a $300 million sustainable Tier 2 capital loan to Standard Bank South Africa, a subsidiary of Standard Bank Group, aims to facilitate lending for renewable energy projects and home loans targeted at low-income homebuyers in South Africa. Notably, half of the loan allocation will be earmarked for home loans to women borrowers.
Of the $300 million loan, IFC directly sponsored $260 million, while the remaining $40 million was mobilized from commercial investors.
This financing initiative comes at a crucial time for South Africa, which grapples with an energy crisis largely fueled by reliance on coal, constituting 80% of its energy mix. By reducing dependence on coal-powered energy, IFC’s funding is poised to play a pivotal role in the country’s transition to cleaner energy sources. Additionally, it aims to address the pressing need for affordable housing, with South Africa facing a housing deficit of approximately 3.7 million dwellings, primarily in the low-cost housing segment.
Read more...........>>>>>>
Please support our members......
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