According to bank provided information, the proposed IFC investment will be a sustainability-linked loan (“SLL”) of up to US$100 million to Anglo American Capital plc (the “Borrower”), a wholly owned financing vehicle of Anglo American plc (“Anglo American”). IFC’s loan will support the Anglo American group’s education and livelihood activities aimed at delivering the education and livelihood goals under its Sustainable Mining Plan (“SMP”) in South Africa or, with the prior consent of IFC, any other jurisdiction. The Anglo American SMP, launched in 2018, sets forth a series of ambitious stretch targets and ambitions for 2025 and 2030 across the mining value chain, which are aligned with the UN Sustainable Development Goals (“SDGs”). This will be Anglo American’s first SLL and the first in South Africa’s mining sector supporting education and community development.
The proposed A loan of up to US$100 million will be aimed at general corporate purposes in support of activities related to the Anglo American group’s livelihoods and education goals under its SMP in South Africa.
The A loan is structured as an SLL, following the Loan Market Association’s Sustainability Linked Loan Principles. IFC has assisted Anglo American in defining the key performance indicators (“KPIs”) for the SLL, assessing the ambitiousness of the targets, and drafting a sustainability-linked financing framework. The margin of the proposed SLL will be linked to two KPIs, related to the Anglo American group’s education and livelihood programs in South Africa and consistent with certain of Anglo American’s broader 2025 sustainability targets, as laid out in the Thriving Communities pillar of its SMP, of: (i) supporting schools in host communities to perform within the top 30% of state schools nationally; and (ii) creating or supporting three off-site jobs for every job onsite.
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