Efforts to increase access to power infrastructure in Africa has received a boost with a US$350million financing agreement between global infrastructure giant General Electric and one of Africa’s leading financial institutions, Standard Bank. The partnership seeks to provide affordable access to power infrastructure to augment traditional large scale grid capacity development.
The partnership will target 10 priority countries: Nigeria, Angola, Tanzania, South Africa and Ghana. Others are Kenya, Mozambique, Uganda, Ethiopia and South Sudan. Financing activity will center on project finance, equipment finance, trade finance and advisory. The program will be open to independent power producers (“IPPs”) and non-recourse infrastructure projects, industrials and manufacturers, natural resource companies, food and agricultural processors, small to medium enterprises (“SMEs”), and other potential borrowers.
Speaking at a ceremony to announce the partnership, President and CEO of GE Africa Jay Ireland said the partnership comes at the right time when there are concerted efforts to boost access to energy across the continent. He said partnerships of this nature would certainly support efforts by respective governments in finding captive power solutions to meet the growing demand for alternative fuels. Mr Ireland said this partnership is in line with the country-to-company agreements, which GE has signed with a number of African governments aimed at generating incremental power and increasing access.
Mrs Sola David-Borha, Chief Executive, Stanbic IBTC Holdings (Standard Bank trades in Nigeria as Stanbic IBTC Holdings) said the bank was committed to partnerships of this nature that help energize the sector. She said the power challenges identified in the focus countries for this partnership were opportunities for growth through sustainable investment. Mrs Sola David-Borha also disclosed that through the partnership, financing will also be available for off-grid solutions that rely on cleaner fuels such as biomass and biogas across Sub-Saharan Africa.
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About Stanbic IBTC Holdings (a member of the Standard Bank Group)
Stanbic IBTC Holdings PLC, a member of The Standard Bank Group, is a full service financial services group with a clear focus on three main business pillars - Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African bank by assets. It is rooted in Africa with strategic representation in 19 countries on the African continent, and headquartered in South Africa. Standard Bank has been in operation for over 150 years and is focused on building first-class, on-the-ground banks in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, globally.
Standard Bank Group is the largest African bank by assets and earnings.
Standard Bank employs 49 000 people and delivers a complete range of services across personal and business banking, corporate and investment banking and wealth management. Standard Bank's Corporate & Investment Banking division offers its clients banking, trading, investment, risk management and advisory services with a deep specialisation in natural resources. It has strong offerings in mining and metals; oil, gas and renewables; power and infrastructure; agribusiness; telecommunications and media; and financial institutions.
The group’s largest shareholder is Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding
For more information, contact:
Communications Manager – West Africa
Corporate Communications Manager, Stanbic IBTC Holdings