NEDCOR: 26,327 +432 (+1.67%)
AfDB approves $172 mln financing for South Africa's Nedbank
CAPE TOWN, Nov 9 (Reuters) - The African Development Bank
(AfDB) has approved a $172 mln financial package for South
Africa's Nedbank Group for infrastructure, banking and housing
projects, it said on Thursday.
The package comprises of a 2 billion rand ($140.45
million) subordinated loan, and a $30 million unfunded Risk
Participating Agreement facility that will benefit African
issuing banks in 20 regional member countries.
"The sub-debt will strengthen Nedbank’s balance sheet and
contribute towards the realization of its strategy to finance
among other sectors, infrastructure ... digital banking and
affordable housing," the AfDB said in a statement.
($1 = 14.2396 rand)
(Reporting by Wendell Roelf; Editing by Joe Brock)
First Published: 2017-11-09 16:42:40
Updated 2017-11-09 16:53:48
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