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SA: AfDB green-lights $172-mln financing package to NedBank group
The board of directors of the Abidjan-based PanAfrican institution Thursday agreed to release $172 million to serve as financial package for NedBank group in its drive to cover default risk and finance local and continental business.
“The package comprises of a ZAR 2-billion ($142.45 million) subordinated loan and a US$ 30 million unfunded Risk Participating Agreement (RPA) facility to benefit African issuing banks in 20 Regional Member Countries (RMCs),” African Development Bank (AfDB) said in a statement.
The AfDB also noted that “sub-debt will strengthen Nedbank’s Balance sheet and contribute towards the realization of its strategy to finance among other sectors, infrastructure, SMEs; digital banking and affordable housing.”
The NedBank has set up a ten-year strategy and 5 major priorities aiming at job creation, improvement of business environment and living conditions of the people through infrastructure development, support to SMEs and providing affordable housing, respectively.
The group features among South Africa’s four largest banking groups with activities in wholesale and retrial banking services.
Located in Sandton, Johannesburg, NedBank is a major shareholder in Old Mutual.
With around 17 million customers around the world, the group also employs 61,000 staff.
