Zimpapers Logo

Prosper Ndlovu, Business Editor
STANDARD Bank Group and its partners have availed a $300 million funding facility for energy infrastructure projects development in Africa.

The largest African banking group and owner of Stanbic Zimbabwe has partnered with the Overseas Private Investment Corporation (OPIC) — a United States development finance institution and Wells Fargo Bank to harness the funding facility aimed at boosting power and infrastructure projects in the continent.

The 12-year funding line was signed on the side lines of the recent US-Africa Business Forum in New York City. Under the agreement Standard Bank will provide $33 million from its balance sheet to support transactions financed by the facility, the group said in a statement.

“At least $150 million of the facility will support power transactions as part of President Obama’s Power Africa initiative, with up to $100 million available for other strategic infrastructure projects beyond the power sector,” it said.