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Botswana: Private sector development in the South African region gets a boost with approval of a $30 million loan to Norsad Capital from the African Development Bank Group

African Development Bank Group Board of Directors (www.AfDB.org) approved a $30 million loan to Norsad Capital Limited (https://NorsadCapital.com) financing for businesses and to promote private sector development in the South African Development Community region. Norsad will channel some of the funds to companies operating in transition countries in the region, and to support inclusive growth. The expected result is job creation, among others, for young people and women in the labor-intensive agricultural and manufacturing processing sectors.

“The Bank’s facilities will support increased lending and extension of loan terms to Norsad clients in line with Norsad’s medium-term strategy,” said Stefan Nalletamby, Director of Financial Sector Development of the African Development Bank Group.

According to Ahmed Attout, Manager of the Bank’s Capital Markets Development Division, the disruptive impact of the COVID-19 pandemic means institutions like Norsad will have to increase their lending to the private sector to support the private sector-led economic recovery in the region.

The project aligns with a number of African Development Bank priorities, including the High-5 strategic priority. It also advances the Bank’s Private Sector Development Strategy 2021-2025 and, due to Norsad’s compliance with environmental and social management standards, is in line with the Bank’s Climate and Green Growth Policy and Strategy and SADC’s Climate Change Strategy and Action Plan (2015).

Norsad, which operates as a private non-bank financial institution, provides financing to private companies and financial institutions operating in the 16-member South African Development Community.

It is owned by eleven national development agencies SADC and four Nordic development finance institutions: Swedfund International; Norwegian Investment Fund for Developing Countries; Danish Investment Fund for Developing Countries; and the Finnish Fund for Industrial Cooperation.

Distributed by the APO Group on behalf of the African Development Bank Group (AfDB).

Media contact:
Olufemi Terry
Department of Communication and External Relations
Email: [email protected]

Technical contact:
Albin Kakou
Principal Investment Officer
African Development Bank

About the African Development Bank Group:
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It consists of three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigerian Trust Fund (NTF). In 44 African countries with external offices in Japan, AfDB contributes to the economic development and social progress of its 54 regional member states. For more information: www.AfDB.org

This Press Release has been issued by APO. Content is not monitored by the Business Africa editorial team and is not content that has been vetted or validated by our editorial team, evidence readers or fact checkers. The publisher is fully responsible for the contents of this announcement.

Botswana: Private sector development in the South African region gets a boost with approval of a $30 million loan to Norsad Capital from the African Development Bank Group

Source link Botswana: Private sector development in the South African region gets a boost with approval of a $30 million loan to Norsad Capital from the African Development Bank Group

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