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AfDB approves $172m financing for Nedbank

The package comprises of a R2 billion ($140.45 million) subordinated loan, and a $30 million unfunded Risk Participating Agreement facility.

Nedbank. Picture: EWN

CAPE TOWN - The African Development Bank (AfDB) has approved a $172 million financial package for South Africa’s Nedbank Group for infrastructure, banking and housing projects, it said on Thursday.

The package comprises of a R2 billion ($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 realisation of its strategy to finance among other sectors, infrastructure ... digital banking and affordable housing,” the AfDB said in a statement.