Original disclosure @ IFC website
Updated in EWS May 11, 2022
Disclosed by Bank Dec 10, 2021
Can you contribute information about this project?
Contact the EWS Team
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.
Head: Sustainable Finance Solutions
+27 10 234 8708
135 Rivonia Road, Sandown, Sandton, 2196, South Africa
ACCESS TO INFORMATION
You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries
If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.
ACCOUNTABILITY MECHANISM OF IFC/MIGA
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org