|Approval Date||11 Sep 2008|
|Signature Date||27 Nov 2008|
|Sovereign / Non-Sovereign||Non Sovereign|
|DAC Sector Code||24030|
The project will provide a foreign currency line of credit (LoC) up to USD 100 million to Nedbank Limited, Nedbank Group’s principal subsidiary. Nedbank has a strong pipeline of projects with high visibility for rapid disbursement of funds. These are important continental projects that will make a strong contribution to growth and development. Through the LoC, the Bank will be leveraging a strong middle-income country (MIC) financial institution that is capable of assessing and taking risks in lower-income countries (LICs) and fragile states. The proposed LoC will be used exclusively to finance USD-denominated project finance transactions in Africa but outside of South Africa with a particular focus on infrastructure and industrial projects. In order to meet Nedbank’s need for longer term funds, the LoC will feature a grace period of up to three-year and a 10-year amortization profile.
The objective of this project is to support the long-term financing of infrastructure and industrial projects in Africa outside Nedbank South Africa. These projects will ultimately enhance productive capacity and growth on the Continent. Specific development outcomes include expanded economic output, job generation and increased government revenues.
The main beneficiary of this intervention is Nedbank Group Limited.
African Development Bank
|Last Update||12 Jul 2020|