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Africa|Coal|Energy|Environment|Financial|Housing|Power|Projects|Renewable Energy|Sustainable
Africa|Coal|Energy|Environment|Financial|Housing|Power|Projects|Renewable Energy|Sustainable
africa|coal|energy|environment|financial|housing|power|projects|renewable-energy|sustainable

AfDB concludes R2bn investment in Nedbank SDG-linked bonds

3rd July 2020

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

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Finance institution, the African Development Bank (AfDB) group, has concluded the investment of R2-billion in Sustainable Development Goals-linked bonds (SDG bonds) issued by banking group Nedbank South Africa.

This investment, which is listed on the green bonds segment of the JSE, will strengthen Nedbank’s capital base and enable it to generate R12-billion in new loans and investments in environment-friendly and climate-sensitive projects in areas such as renewable energy and affordable housing, the AfDB says.

This SDG-linked Tier 2 bond issuance, the first of its kind in Africa, is expected to benefit the South African economy through the creation of more than 6 000 new jobs and nearly 20 000 small and medium-sized enterprise (SME) loans, in addition to catalysing around R4-billion in additional investment in clean energy, which will help South Africa’s efforts to transit away from coal-generated power over the next ten years, notes the AfDB.

The investment is also slated to promote financial inclusion for underserved segments of the populace, such as for women and rural dwellers, and will lead to about R2-billion in new SME loans over the next five years.

The AfDB highlights that several thousand unbanked persons across Southern Africa will benefit from financial inclusion through Nedbank’s low-cost digital financing initiatives.

“We are very pleased to be able to support the South African economy by injecting investment into the private sector through a responsible and trusted partner who is committed to responsible investing. This investment will help accelerate the recovery of the economy after the slowdown caused by the Covid-19 pandemic,” says AfDB financial sector department director Stefan Nalletamby.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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