PROJECT

Projects

Summary of Investment Information

Project Number

42640

Company Name

FIRSTRAND BANK LTD

Date SPI Disclosed

May 28, 2020

Country

South Africa

Region

Africa

Projected Board Date

Jun 29, 2020

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Dec 25, 2025

Department

CF3S6 - Regional Industry - FIG ME & Africa/FIG Inv Ops - Africa

Industry

Financial Markets

Previous Events

Approved : Jun 26, 2020
Signed : Jun 30, 2020
Invested : Mar 31, 2021

Sector

Commercial Banking - General

Project Description

 The proposed project (“the Project”) is an up to US$200 million senior loan with a 5-year maturity to FirstRand Bank Limited (“FirstRand Bank”), an existing client of IFC. The proceeds of the Project will be used to expand FirstRand Bank’s climate finance portfolio in South Africa. The Project will provide additional support to the bank’s strategy to fund renewable energy and energy efficiency projects in corporates and smaller businesses. It also facilitates the bank’s shifting focus, in its climate portfolio, from mitigation  to  resilience through the financing of “climate smart infrastructure”, agriculture and manufacturing. 

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation