Absa says it will review its fossil fuel lending targets every three years. (Elvira Wood / Netwerk24)
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 (MIGA), a member of the World Bank Group, that provided $497 million (about R9 billion) 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.
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