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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