African Development Bank offers SA a financing deal to raise $41bn

By Eric Martin and Antony Sguazzin, Bloomberg, September 23, 2022

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The African Development Bank has suggested a plan to South Africa that will help the nation use the $8.5 billion in climate financing pledged by some of the world’s richest nations to raise even more funds.

The AfDB has recommended that South Africa Park the funds in a special purpose vehicle, bank President Akinwumi Adesina. The SPV, which can seek a credit rating, can sell zero-coupon bonds to raise as much as $41 billion, Adesina said in an interview Thursday in Bloomberg’s New York office.

Source: African Development Bank