African Development Bank Offers South Africa a Financing Deal to Raise $41 Billion
- Bank plan would leverage $8.5 billion from EU nations
- Country set to get $8.5 billion to help reduce coal usage
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The African Development Bank has suggested a plan to South Africa that will help the nation use the $8.5 billion in climate financing pledged by some of the world’s richest nations to raise even more funds.
The AfDB has recommended that South Africa park the funds in a special purpose vehicle, bank President Akinwumi Adesina said. The SPV, which can seek a credit rating, can sell zero-coupon bonds to raise as much as $41 billion, Adesina said in an interview Thursday in Bloomberg’s New York office.