Investec Bank Limited has just announced its partnership with Proparco, Development Finance Company in scaling up its climate investments. This partnership is in a bid to implement the Transforming Financial Systems for Climate (TFSC) programme in South Africa. 

The TFSC programme is a programme undertaken by the Agence française de développement  (AFD) in partnership with the Green Climate Financing (GCF). The programme which has a total worth of about $625 million is aimed towards encouraging local finance companies to get involved in climate-change related projects in Africa and Latin America and Caribbeans. 

Proparco, therefore, on behalf of the AFD Group has provided a climate finance-dedicated credit facility, worth $80 million to Investec Bank Limited. This makes Investec the second South African Bank after FirstRand Bank Limited, to join the programme.

According to Proparco,

 “Within a South African context and in line with AFD Group’s broader objectives, TFSC aims to support South Africa’s pathway to a low-carbon economy and climate resilient society. South Africa has set an ambitious goal of reducing carbon emissions by 42% by 2025 and diversifying its electricity production away from coal by 2050.”     

On the other hand, Tanya Dos Santos-Ford, Investec Group’s Head of Sustainability said, 

“…Investec remains steadfast in our commitment to a fair, efficient and inclusive energy transition. This senior credit facility enables us to provide further finance and support for both our clients – as they progress their climate ambitions – and for our country as we help to build a more climate resilient and equitable South Africa.”

  

Investec Bank Limited is an internationally recognized South African bank with experience in securing project finances. Some of its most recent financing initiatives in provision of facilities include:

• the most recent part-financing of three Angolan Hospitals,
• the EUR 215 m to finance two Ghanaian Hospitals, and 
• the EUR 75 m to part-finance Ghana’s Western railway line

We love your feedback! Let us know what you think about climate financing and proparco’s partnership with Investec Bank Limited by sending an email to [email protected].