Absa Bank gets US$150m loan from IFC for green financing in South Africa

SOUTH AFRICA – The International Finance Corporation (IFC0, a member of the World Bank Group, will provide Absa Bank, one of Africa’s largest financial services groups, with a loan of up to US$150 million  to support the bank’s strategy to expand its climate finance business and help South Africa meet its greenhouse gas reduction targets. Africa’s first certified green loan, announced by the International Finance Corporation to Absa Bank, would increase funding for biomass and other renewable energy projects in South Africa, supporting the country’s power sector and economic recovery…

Read More

KCB Bank secures US$150m credit for SMEs and green projects

KENYA – Kenya Commercial Bank has secured a US$ 150 Million credit facility to enable it to increase lending to climate-friendly projects and small business enterprises, especially those run by women. US$101.7 million of the money will come from the International Finance Corporation (IFC) while Belgian Investment Company for Developing Countries (BIO) will provide US$22 million and Sanad fund, which finances SMEs in the Middle East and sub-Saharan Africa, and Symbiotics, the investment platform targeting companies in emerging markets, will contribute US$15 million and US$11.2 million respectively. “This support from IFC and our…

Read More

MTN commits to zero greenhouse gas emissions by 2040 to contribute to a sustainable future

SOUTH AFRICA – Africa’s biggest mobile provider MTN, has committed to net zero greenhouse gas emissions (GHG) by 2040 amid global momentum to meet the Paris Agreement’s 1.5°C limit. MTN said in a press release that it had set science-based targets to achieve a 47 percent average reduction in absolute emissions for scope 1, 2 and 3 by 2040. Group president and chief executive, Ralph Mupita, said MTN had a role to play in Africa and the Middle East to contribute meaningfully on much-needed actions to mitigate the impact of…

Read More

Development Bank of Southern Africa launches its first US$240m green bond

SOUTH AFRICA – The Development Bank of Southern Africa (DBSA) has launched its first green bond, worth US$240 million in its bid to increase its role in climate financing. The bond was issued through a private placement with the French development finance institution, the Agence Française de Développement. The bank said the bond would be structured in alignment with its recently released Green Bond Framework. The framework reiterates the DBSA’s commitment to playing a role in the just transition to a low-carbon economy and is aligned with the International Capital…

Read More

Kenya gets US$18m for green trade and Covid-19 war from Denmark

KENYA – The government of Kenya has received US$18 million support from Denmark to help promote East Africa regional trade and combat Covid-19 pandemic. The funding will be channelled through TradeMark East Africa (TMEA), which works with governments in the region to reduce trade barriers through automation and setting up of the required infrastructure such as One Stop Border Posts (OSBPs). The Danish funding comes in two financial agreements with US$15 million funding Kenya’s efforts to transition to Green Trade and creating sustainable jobs under the Denmark and Kenya Strategic…

Read More

Flat6Labs partners Impact Partner to launch program that supports green economy startups

NORTH AFRICA – Impact Partner, a financial marketing organization, and Flat6Labs, a regional startup accelerator program, are joining forces and the expertise of their teams to launch GreenWorks program to support startups operating in the green economy sector in North Africa, particularly Tunisia. The GreenWorks program was designed to support entrepreneurs who focus on sustainable development and the green economy and to help them build their resilience. Impact Partner and Flat6Labs are joining their efforts and the know-how of their teams to launch this support program for startups operating in…

Read More

Nedbank secures US$200m from IFC to increase green financing in South Africa

SOUTH AFRICA – International Finance Corporation (IFC), a member of the World Bank Group, and Nedbank have partnered to increase financing for renewable energy projects in South Africa, helping the country transition to cleaner forms of power, reduce greenhouse gas emissions, and create jobs in the renewables sector. IFC will provide Nedbank, a wholly owned subsidiary of Nedbank Group, with a loan of up to US$200 million to help it expand its green finance operations and grow its climate portfolio by funding renewable energy projects. The partnership is part of…

Read More

Kenya Bankers Association, KCIC Group sign deal to advance green financing

KENYA – The Kenya Banke Association (KBA) and Kenya Climate Innovation Centre (KCIC) have signed a Memorandum of Understanding (MOU) aimed at advancing the green finance agenda in Kenya. Through the agreement, the partners will seek to promote the growth of large and small enterprises by leveraging on climate change innovations and research. Additionally, KBA and KCIC will collaborate on resource mobilization, capacity building as well as policy advocacy towards promoting the implementation of green finance initiatives, besides designing enterprise support programs meant to address some of the barriers that both large enterprises and SMEs face while running their businesses. Speaking on the partnership, KBA Chief Executive Officer Dr. Habil Olaka noted that the partners will collectively seek to position enterprises to drive social-economic transformation. “I…

Read More

KCB bank gets accreditation from UNGCF to finance green projects

KENYA – KCB bank has been accredited by the United Nations Green Climate Fund as the first financial intermediary for the implementation of green financing in East Africa, paving way for the bank to receive funds from the Green Climate Fund (GCF) for on-lending to beneficiary institutions involved in the development of green-climate resilient investment assets or projects in Kenya, as well as in the region where the bank operates as the implementing entity. The accreditation was announced during the 27th Green Climate Fund Board Meeting, in Songdo, South Korea.…

Read More

Egypt’s green economy gets boosted by US$258.87M from EBRD, EU and GCF

EGYPT – The European Bank for Reconstruction and Development (EBRD), the European Union (EU) and the Green Climate Fund (GCF) are boosting green finance on the Egyptian economy and the development of value chains for the private sector. Working with the EBRD’s local partner banks, two programmes cumulatively worth €220 million (US$258.87m) will offer sub-loans to businesses for green investments in energy, water and resource-efficient solutions. The programmes are complemented by EU grants of more than €30 million (US$35.30m) and GCF concessional co-financing as well as technical assistance of up…

Read More