Standard Bank of South Africa (SBSA), US overseas development financier Overseas Private Investment Corporation (OPIC) and diversified community-based financial services company Wells Fargo Bank have announced a US$300-million facility to fund power and infrastructure projects in Africa.
The 12-year funding line for SBSA, the largest African banking group by assets, was signed on the sidelines of the US-AfricaBusiness Forum in New York, US, last month. SBSA will provide US$33-million from its balance sheet to support transactions financed by the facility, according to a press statement released last month.
At least US$150-million of the facility will support power transactions as part of President Barack Obama’s PowerAfrica initiative, with up to US$100-million made available for other strategic infrastructure projects beyond the power sector.
“Power and infrastructure play a crucial role in the economic development of Africa,” Standard Bank Group CE Sim Tshabalala noted. He added that SBSA was delighted to be part of this initiative and looked forward to working with OPIC and Wells Fargo to promote sustainable economic growth and make a difference to the lives of the people of Africa.
Tshabalala underscored that SBSA had the experience, knowledge and presence in Africa to make this project “a resounding success”.
