November 9, 2017 / 3:08 PM / 3 years ago

AfDB approves $172 mln financing for South Africa's Nedbank

Customers queue to draw money from an ATM outside a branch of South Africa's Nedbank (R) and First National Bank (FNB) at a mall in Midrand outside Johanneburg, South Africa, April 28, 2016.REUTERS/Siphiwe Sibeko

CAPE TOWN (Reuters) - The African Development Bank (AfDB) has approved a $172 mln financial package for South Africa’s Nedbank Group for infrastructure, banking and housing projects, it said on Thursday.

The package comprises of a 2 billion rand ($140.45 million) subordinated loan, and a $30 million unfunded Risk Participating Agreement facility that will benefit African issuing banks in 20 regional member countries.

“The sub-debt will strengthen Nedbank’s balance sheet and contribute towards the realization of its strategy to finance among other sectors, infrastructure ... digital banking and affordable housing,” the AfDB said in a statement.

($1 = 14.2396 rand)

Reporting by Wendell Roelf; Editing by Joe Brock

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