Customers queue to draw money from an ATM outside a branch of South Africa's Nedbank (R) and First National Bank (FNB)
CAPE TOWN (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)
© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.