In a deal that is poised to open the floodgates for private funding of green energy in Africa, Pacific Investment Management (Pimco), one of the world’s largest global investment management firms, has extended a R3bn loan to the Development Bank of Southern Africa (DBSA).

The R3bn is an offshore bond issuance intended for DBSA to refinance its green loan book, and in turn to make room for the state-owned financier to grow its book by extending further funds to new renewable power projects in SA and beyond...

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