Absa enters new deal for green financing
World Bank subsidiary will provide $150m for use in lending based on ‘green loan’ principles
Absa will become the first bank in Africa to extend loans for biomass and other renewable projects under a new sustainable financing programme based on “green loan principles” using money from the World Bank.
The deal will see the International Finance Corporation (IFC) — a division of the World Bank focused on the private sector in emerging markets — extending the group a loan of up to $150m (about R2.1bn) for exclusive use in predefined green projects. ..