Register Login
Project News Details
30 Day Free Trial
Title:
SOUTH AFRICA - ABSA Group Limited
Detail:
The project entails the provision of a targeted financial package to Absa comprising of three components (i) a 10-year, with a 5.5 years grace period, floating rate sustainability linked subordinated loan for an amount not exceeding South African Rand (ZAR) 1.7 billion; (ii) subordinated loan in the form of a 10-year (non-call five (5) years) floating rate Note (bond) for an amount not exceeding ZAR 1.0 billion. Proceeds of the Tier II qualifying subordinated debt will be passed-on to Absa’s principal subsidiary, Absa bank limited, South Africa under back-to-back arrangements; and (iii) a USD 150 million Unfunded Risk Participation Agreement (RPA) for a term of 3 years, with an option to extend for another 6 months upon maturity. This project primely contributes towards climate adaptation result. As such 100% of the total approval is attributed as climate finance, out of which 100% is adaptation finance.
Country:
South Africa
Source:
African Development Bank Group
Published Date:
24.10.2023
URL:
View Original URL
Share:
Regions:
Africa Southern Africa Sub-Saharan Africa
Sectors:
Construction
Export requests Import requests Partnership requests Service requests