Absa Gets IFC Loan to Drive South Africa Low-Cost Home Mortgages [Financial Post (Toronto, Ontario, Canada)]
ABSA GROUP LTD S/ADR (AGRPY)
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Source: Financial Post
(Bloomberg) — Absa Group Ltd. will get a 2 billion rand ($124 million) loan from the International Finance Corp. to help South Africa’s third-largest bank by assets expand its affordable-mortgage business. Advertisement IFC’s first social-sector loan in South Africa is targeted at lower to middle-income households, Adamou Labara, the lender’s country head, said in a statement. South Africa, where the official unemployment rate remains the highest among 82 countries monitored by Bloomberg, has a shortfall of 3.7 million homes, according to the statement. The shortage is most acute in the lower end of the market, which faces a lack of access to financing. Read: IFC Targets $10 Billion in Africa Investments Yearly, Diop Says The loan complies with the Social Loan Principles published by the Loan Market Association, which aims to establish best market practice for syndicated loans in Europe, the Middle East and Africa. Such a loan finances projects that address key social issues incl
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