Nedbank MAGC (IFC-50224)

Countries
  • South Africa
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 19, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Nedbank Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 200.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 24, 2025

Disclosed by Bank Apr 2, 2025

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Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed project is an up to US$200 million senior unsecured loan with an up to 7-year tenor to Nedbank Limited to support the expansion of the Bank’s EDGE-certified (or equivalent green certification acceptable to the International Finance Corporation (IFC)) green building finance portfolio in South Africa. The Project is expected to be supported by the Market Accelerator for Green Construction (MAGC) Program as described in the Blended Finance section. 

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The Project will support the expansion of the Bank’s Excellence in Design for Greater Efficiencies (“EDGE”)-certified (or equivalent green certification acceptable to IFC) green building finance portfolio in South Africa. The green building developments supported under the Project are expected to be comprised of business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures with overall medium E&S risks. Therefore, the Project has been categorized as FI-2 in accordance with IFC's Sustainability Policy.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The Project is a US$200 million senior unsecured loan for IFC’s own account with an up to 7-year tenor. It will support the expansion of the Bank’s EDGE-certified (or equivalent green certification acceptable to IFC) green building finance portfolio in South Africa.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Nedbank Group Limited is one of Africa’s largest financial services groups, providing wholesale and retail banking, insurance, asset and wealth management services to more than 7,5 million clients across the continent. Its largest operating and banking subsidiary, Nedbank Limited, is wholly owned by the Group. As of June 2024, the Group’s largest shareholders were the Public Investment Corporation (15.1% of the Group’s shares) and Allan Gray Investment Council (8.5%), while no other shareholder held more than 5% of the Group’s shares.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Nedbank Limited
Arvana Singh
Head: Sustainable Finance Solutions
+27 10 234 8708
arvanas@nedbank.co.za
135 Rivonia Road, Sandown, Sandton, 2196, South Africa
www.nedbank.co.za

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

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How it works