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Standard Bank signs R20bn deal with ICBC to fund renewable energy projects

Business Day Live

02 April 2013

 

STANDARD Bank has signed an agreement with Industrial & Commercial Bank of China to jointly offer R20bn in funding support for renewable energy projects in South Africa.

ICBC is Standard Bank’s single largest shareholder, with a 20% stake. The deal, which covers the period up till 2025, has an innovative structure to provide the funding out of the rand-denominated funds accruing to ICBC through its shareholding.  Read more

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