Moroccan Bank for Trade and Industry secures US$28m from EBRD for green economy

MOROCCO – The European Bank for Reconstruction and Development (EBRD) has partnered with the Green Climate Fund (GCF) to provide €25 million (US$28.35m) in financing to the Moroccan Bank for Trade and Industry (BMCI). This financing, which will support the transition to a green economy in Morocco, €23.75 million (US$26.94m) are provided by the EBRD and the remaining €1.25 million…

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Credit Immobilier et Hotelier secures US$29m from EBRD, GCF, EU to support green economy

MOROCCO – The European Bank for Reconstruction and Development (EBRD), supported by the Green Climate Fund (GCF) and the European Union (EU), is providing a financial package of up to €25 million (US$29.20m) to Credit Immobilier et Hotelier (CIH Bank) to support Morocco’s green transition. The financing, of which a total of €18.75 million (US$21.90m) will be provided by the…

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Bank of Africa – BMCE Group secures US$29.3m from EBRD to support Morocco’s green transition

MOROCCO – The European Bank for Reconstruction and Development (EBRD), supported by the Green Climate Fund (GCF) and the European Union (EU), is providing a financial package of up to €25 million (US$29.30m) to Bank of Africa – BMCE Group to support Morocco’s green transition. The financing, of which a total of €18.75 million (US$21.98m) will be provided by the…

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Nedbank raises US$64.5m to finance green projects in South Africa

SOUTH AFRICA – Financial services group Nedbank has raised R910 million (US$64.5 million) to finance green infrastructure projects in South Africa. The capital raise comes as the South African government is driving renewable energy in the country to boost energy security. This, as power utility Eskom, which provides over 90% of South Africa’s power needs, has battled to keep the…

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Green Climate Fund approves US$170.9m in co-financing for AfDB’s Leveraging Energy Access Finance Framework program

AFRICA – The Board of the Green Climate Fund (GCF) has approved US$170.9 million in financing for the African Development Bank’s Leveraging Energy Access Finance Framework (LEAF) program which aims to unlock commercial and local-currency financing for decentralized renewable energy (DRE)  projects in six program countries: Ghana, Guinea, Ethiopia, Kenya, Nigeria, and Tunisia. The Green Climate Fund’s financing is part of an…

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African Guarantee Fund receives US$20m capital injection from IFU for green SME financing

AFRICA – The African Guarantee Fund has received a capital increase of US$ 20 million from the Danish Investment Fund for Developing Countries (IFU) to facilitate green SME financing in Africa. The capital increase is partially financed by the Danish Government, as part of the Danish “COVID-19 Development Assistance” package. Inclusive of the additional US$20 million, the total Danish investment in AGF…

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Absa Bank gets US$150m loan from IFC for green financing in South Africa

SOUTH AFRICA – The International Finance Corporation (IFC0, a member of the World Bank Group, will provide Absa Bank, one of Africa’s largest financial services groups, with a loan of up to US$150 million  to support the bank’s strategy to expand its climate finance business and help South Africa meet its greenhouse gas reduction targets. Africa’s first certified green loan,…

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KCB Bank secures US$150m credit for SMEs and green projects

KENYA – Kenya Commercial Bank has secured a US$ 150 Million credit facility to enable it to increase lending to climate-friendly projects and small business enterprises, especially those run by women. US$101.7 million of the money will come from the International Finance Corporation (IFC) while Belgian Investment Company for Developing Countries (BIO) will provide US$22 million and Sanad fund, which finances…

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MTN commits to zero greenhouse gas emissions by 2040 to contribute to a sustainable future

SOUTH AFRICA – Africa’s biggest mobile provider MTN, has committed to net zero greenhouse gas emissions (GHG) by 2040 amid global momentum to meet the Paris Agreement’s 1.5°C limit. MTN said in a press release that it had set science-based targets to achieve a 47 percent average reduction in absolute emissions for scope 1, 2 and 3 by 2040. Group…

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Development Bank of Southern Africa launches its first US$240m green bond

SOUTH AFRICA – The Development Bank of Southern Africa (DBSA) has launched its first green bond, worth US$240 million in its bid to increase its role in climate financing. The bond was issued through a private placement with the French development finance institution, the Agence Française de Développement. The bank said the bond would be structured in alignment with its…

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