IFC and Absa to finance African infrastructures
7 September 2009
The South African bank group Absa announced on Thursday 3 September 2009 that it had signed an agreement with IFC (International Finance Corporation) to invest in infrastructure projects in Africa.
“Absa, by way of Absa Capital, will be concentrating in particular on development infrastructures in telecommunications, petroleum, gas, and other energy sectors”, Maria Ramos, PDG, told a press conference.
The financing from the IFC will consist of a loan of 30 million Dollars, as well as a credit facility of 120 million Dollars, which Absa will use to finance projects which will encourage economic development in some of the poorest regions of sub-Saharan Africa.
Absa will therefore be able to continue to provide loans for commercially viable infrastructure projects which have encountered problems with financing during the present world economic crisis.
“Good infrastructures, including roads and ports, are essential if commerce is going to prosper, competition is to be enhanced, and a lively private sector encouraged”, said IFC Vice-President for sub-Saharan Africa, Thierry Tanoh.