In a significant move to advance South Africa’s energy transition and address housing needs, the International Finance Corporation (IFC) has allocated a substantial $300 million loan to Standard Bank South Africa.
This strategic funding, termed “sustainable capital”, is earmarked for both clean energy projects and the development of affordable housing within the nation.
The IFC, a key player in global private sector development as part of the World Bank Group, is contributing $260 million, with an additional $40 million sourced from commercial investors.
Kenny Fihla, the Managing Director of Standard Bank’s corporate and investment banking division, highlighted the loan’s pivotal role in empowering the bank to further assist clients with their environmental and social initiatives.
The funds are set to bolster Standard Bank’s ongoing commitment to financing South Africa’s shift towards renewable energy.
Standard Bank has consistently been at the forefront of financing South Africa’s energy transition. It played a crucial role in securing 4.5 billion rand (approximately $243 million) for the Ummbila Emoyeni wind farm project in Mpumalanga province, a step that promises to lessen the country’s reliance on fossil fuels.