Standard Bank, OPIC and Wells Fargo Sign $300 Million Facility to Support Power and Infrastructure Projects in Africa
September 21, 2016
(OPIC)
New York, N.Y. – Standard Bank of South Africa
(SBSA), the Overseas Private Investment
Corporation (OPIC), the U.S. Government’s
development finance institution, and Wells
Fargo Bank announced a $300 million facility to
fund power and infrastructure projects in
Africa. The 12-year funding line for Standard
Bank, the largest African banking group by
assets, was signed on the side lines of the
US-Africa Business Forum in New York City.
SBSA will provide $33 million from its balance
sheet to support transactions financed by the
facility.
At least $150 million of the facility will
support power transactions as part of President
Obama’s Power Africa initiative, with up to
$100 million available for other strategic
infrastructure projects beyond the power
sector.
Says Sim Tshabalala, Standard Bank Group Chief
Executive: “Power and infrastructure play a
crucial role in the economic development of
Africa. We are delighted to be part of such an
important initiative and look forward to
working with OPIC and Wells Fargo to promote
sustainable economic growth and to make a real
difference to the lives of the people of
Africa. Standard Bank has the experience,
knowledge and presence in Africa to make this
project a resounding success.”
“OPIC is excited to collaborate on an
initiative that will have a long-lasting impact
on the lives of millions throughout Africa,”
said Elizabeth Littlefield, OPIC President and
CEO. “By supporting both infrastructure and
power projects, this forward-thinking loan
facility brings badly-needed capital to the
table and will pave the way for future
development in Africa to take root and grow.”
"Wells Fargo is pleased to sponsor this
landmark facility for The Standard Bank of
South Africa, which will utilize proceeds to
finance renewable energy projects in low
income, IDA-eligible countries in Africa, where
such infrastructure is key to promoting
environmentally sustainable development. Wells
Fargo is proud to have worked in close
partnership with OPIC to arrange and co-lend in
support of this project”, said Richard Yorke,
head of Wells Fargo’s International Group.
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