4 December 2009

Standard Bank has signed a 6-year US$100 million loan agreement with three European development finance institutions.

The loan will be used to fund infrastructure projects and project finance lending in Africa.

The loan was coordinated by DEG-Deutsche Investitions- und Entwicklungsgesellschaft mbH, along with FMO (Netherlands) and the Austrian Development Bank. It is the first transaction between Standard Bank of South Africa and DEG, one of Europe's largest development finance institutions. 

“The deal will hopefully serve as a platform for future cooperation between Standard Bank, DEG and the other lenders across a range of different banking products and geographies,” says Clive Tasker, Chief Executive, Standard Bank Africa.

“The tranche, made available by several development finance institutions, will enable Standard Bank to finance investments in the infrastructure sector,” says Bruno Wenn, Chairman of DEG’s Board of Management.