Development Bank seeks loans to plug funding gap

The bank needs the extra financing to keep disbursing loans as demand jumps from countries trying to cope with the fallout from the coronavirus pandemic, the bank’s chief executive Patrick Dlamini said.

The additional capital will help fund a pipeline of more than R20 billion of deals this year, Dlamini said. The bank, which has R40 billion of debt, last sold bonds at the end of January, when it issued R700 million of five- and seven-year floating-rate notes, according to data compiled by Bloomberg.The lender is counting on measures introduced by the SA Reserve Bank to help stabilise markets as pressure to ramp up its funding mounts, Dlamini said. The central bank slashed borrowing costs to a record low, eased capital rules for lenders and bought government debt.

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