Standard Bank has secured a seven-year $250m sustainability loan from the International Finance Corporation — the investment arm of the World Bank — as Africa’s biggest lender ramps up its green financing efforts.
“Big Blue”, as Standard Bank is known in investment circles for the size of its balance sheet, said the money will be allocated to a portfolio of “green and social assets — with a specific focus on renewable energy and affordable housing”. The loan aligns with its sustainability strategy and commitments to finance renewable energy power plants and social projects in SA and the rest of the continent, said the bank whose Africa portfolio spans 19 countries.
“The IFC’s partnership with Standard Bank supports the country’s transition to a low-emissions and climate-resilient economy and will expand access to affordable housing and improve the quality of life for South Africans.”In March it said it was looking to use the “largest balance sheet in Africa” to drive SA’s and the continent’s just transition, and it committed billions of rand to be the leading financier of green energy deals.