AFD and Nedbank sign N$235 million green financing deal

WINDHOEK-As the bank leading in sustainability programmes locally, Nedbank Namibia is now in a position to expand further the impact of its environmental sustainability programmes. This after concluding the signing of a credit facility agreement to the value of N$235 million with Agence Francaise de Developpement (AFD).

AFD, France's bilateral development finance institution, has since 2007 put in place a targeted support to develop innovative green investments through environmental credit lines for local financial institutions.

This support, called SUNREF (Sustainable Use of Natural Resources and Energy Financing) includes both technical assistance and credit lines (i.e. loans) to local financial institutions for them to finance small and medium size projects of public and private promoters.

As a partner bank, Nedbank Namibia will use the credit line to finance small-scale projects dedicated to renewable energy, energy efficiency and sustainable resources management, working closely with the Environmental Investment Fund to provide technical assistance.

Nedbank Namibia can provide its expert knowledge of the local context and its network, especially through the work it has been doing through its Go Green Fund, which is a targeted environmental fund that supports individuals and organisations in Namibia that are working towards a more sustainable future.

We are convinced that this partnership complies with Namibia's objectives to fight poverty by supporting the creation of green jobs. The French Embassy supports this partnership and it is a way to implement the Paris agreement. It is a great pleasure to see the private sector showing the way in fighting climate change, said Arthur Germond, the AFD deputy director for the Southern Africa Regional Office.

Meanwhile, Nedbank Namibia managing director Lionel Matthews said he was proud of the association and agreement between Nedbank and the AFD, outlining that collaborations of this nature are critical and that the agreement is aligned to Nedbank's sustainability focus and commitment to combating climate change.

As the leading sustainable bank in Namibia this facility empowers us to build and expand further on the impact of our already existing sustainability programmes, and will as well help us forge new ones.

As a bank committed to doing good for individuals, businesses, society and our communities, opportunities such as these allow us to go that much further in ensuring a better future for all. It is very clear that the continued investment in sustainable development is imperative if we want to preserve the finite resources of our world, and continue to address the developmental needs of the future, he said.

Source: New Era Newspaper Namibia