According to the IFC, the proposed Project with Absa Bank Limited is a) an up to ZAR2bln (equivalent to US$112mln); and b) an up to USD40mln working capital support to eligible suppliers of a large manufacturing company. The Project falls under the Global Supply Chain Finance (GSCF) Program, a supply chain finance program launched by the International Finance Corporation in December 2022. The GSCF supports open account trade in the emerging markets by providing funded or unfunded risk participation in partner banks’ facilities.The project is part of a crisis response initiative, through which IFC plays a countercyclical role when the markets experience the turbulence due to the negative economic impacts of the ongoing global food and energy crisis.
The IFC categorized the project as FI-2.
As stated by the IFC, Absa is a leading Pan-African financial services group offering banking, insurance and financial products and services to individuals, corporates and small and medium enterprises clients. Headquartered in Johannesburg, south Africa, it is the third largest commercial bank in South Africa with operations in Botswana, Ghana, Kenya, Mauritius, Mozambique, Uganda, Tanzania, Seychelles, and Zambia.
According to Bloomberg, ArcelorMittal South Africa Limited is an integrated steel producer. The Company operates steel-producing plants throughout South Africa. ArcelorMittal produces flat products, long products, and rolled coil.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||ArcelorMittal South Africa Ltd||Undisclosed||Industry and Trade|
General IFC Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384
Financial Intermediary - Absa Bank Ltd:
Bankie Sebothoma - Trade Finance and International Banking Specialist
Phone: +27 76 029 5822
Address: 15 Alice Lane, Sandton, Gauteng, South Africa, 2196
Beneficiary - ArcelorMittal South Africa:
Address: Delfos Boulevard, Vanderbijlpark
Phone: +27 (0) 16 889 9111
Fax: +27 (0) 16 889 2097
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