New Facility To Support Power, Infrastructure
Standard Bank of South Africa (SBSA), the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, and Wells Fargo Bank this week announced a new $300 million facility to fund power and infrastructure projects across Africa. The 12-year funding line for Standard Bank was signed on the sidelines of the annual US-Africa Business Forum held this year in New York City. SBSA will provide $33 million from its balance sheet to support transactions financed by the facility, the bank said in a statement. Standard Bank today is Africa’s largest banking group by assets.
As part of US President Obama’s Power Africa initiative, at least $150 million of the new facility will support power transactions and up to $100 million will be made available for other “strategic” infrastructure projects outside of the continent’s power sector.
Power and infrastructure play a crucial role in the economic development of Africa.
“We are delighted to be part of such an important initiative and look forward to working with OPIC and Wells Fargo to promote sustainable economic growth and to make a real difference to the lives of the people of Africa,” Sim Tshabalala, Standard Bank Group Chief Executive said in a joint announcement made public. “Standard Bank has the experience, knowledge and presence in Africa to make this project a resounding success.”
Photo Credit: Russel Roberts, Rand Daily Mail
