Standard Bank Group signed a US$250 million loan agreement with the Japan Bank for International Cooperation (JBIC). The credit line is co-financed by Mizuho Bank, Ltd, with JBIC providing a partial guarantee for the co-financed portion. The funding will be used by Standard Bank Group to on-lend to green energy projects in sub-Saharan Africa.
The deal was signed by Standard Bank Group Chief Executive, Ben Kruger and JBIC Chief Representative, London Representative Office, Akira Ishikawa, at Standard Bank's new green building in Rosebank, Johannesburg.
Says Mr Kruger: "This transaction is significant for the Standard Bank Group as it provides a diversified funding platform to fund projects which are environmentally and socially sustainable, as well as providing alternative green sources of energy to the grid, not only in South Africa, but also in sub-Saharan Africa. This ties into the overall objectives of the Group to fund projects in Africa in the renewable energy sector."
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