Africa | April 22, 2024

IFC writes a $300 million check to Standard Bank for low-income housing and renewable energy in South Africa

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

South Africa is in the midst of a critical, years-long power crisis. The country also needs nearly four million new units of low-income housing.

To speed development of new energy facilities and homes, International Finance Corp. supplied $300 million in debt to Standard Bank for on-lending to housing and energy developers. A portion of the capital will finance mortgages for low-income borrowers, at least half of whom must be women.

The debt package included $40 million from commercial investors.