Absa secures expanded Pan-African climate finance guarantees from World Bank agency

Absa has secured an agreement that will enable expanded capital guarantees provided by a World Bank-linked agency to enable it to provide greater funding for Pan-African climate projects across key subsidiaries on the continent.

The agreement expands a 2019 agreement with the Multilateral Investment Guarantee Agency , a member of the World Bank Group, that provided $497 million in capital guarantees to support lending in countries including Ghana, Kenya, Mauritius, Mozambique, Seychelles, Uganda and Zambia. On 24 June, Absa and MIGA agreed to expand the agreement to provide cash-reserves cover of approximately $1 billion in participating markets.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism. Join our free subscription trial to unlock this story and a world of news aimed to inform, empower, and inspire.

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Source: News Formal (newsformal.com)

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