According to bank provided information, the proposed investment consists of an IFC anchor investment of ZAR500 million in a 7-year ZAR 1.090 billion privately placed senior unsecured green bond issuance by Nedbank Limited (“Nedbank” or the “Bank”). The bond will be issued under the Bank’s ZAR75,000,000 Domestic Medium Term Note Programme dated February 8, 2019, will be certified to confirm alignment with the International Capital Market Association Green Bond Principles, and listed on the Johannesburg Stock Exchange (the “Project”). The proceeds of the bond will be fully dedicated to financing Excellence in Design for Greater Efficiencies (“EDGE”)-certified green residential housing developments in South Africa, up to 75% of which are anticipated to be in the affordable housing segment, on a reasonable-efforts basis.
The proposed investment consists of an IFC investment of ZAR500 million for IFC’s own account in Nedbank’s ZAR1.090 billion bond issuance. The funding will be used exclusively for the expansion of the Bank’s EDGE-certified green residential housing development portfolio in South Africa.
Nedbank is one of the top four largest banks in South Africa, with a market share of 18% in advances and deposits and 17% in total assets. It is a front runner in climate finance, having been the first bank to issue a green bond in local currency in South Africa. The Bank is a wholly owned subsidiary of Nedbank Group Limited (“Nedbank Group” or the “Group”). Nedbank Group is one of the largest financial services groups in Africa offering wholesale and retail banking services as well as insurance, asset management, and wealth management.
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