Norsad Capital in partnership with ABSA Bank and Stanbic Bank inaugurates a Sustainability-themed Facility
12.02.2024
[Gaborone, 12 February 2024 ] – Norsad Capital, a private credit provider and impact investor, is proud to announce a significant milestone in its commitment to sustainability and responsible business practices. ABSA Bank and Stanbic Bank have extended a ZAR 680 million facility to allow Norsad to deepen their investments in the Southern African region.
The funding provided by the banks will serve not only as a hub for Norsad operations but also as a beacon of sustainability in the region. As financial leaders, it is imperative to recognise the power and potential of aligning investments to sustainability goals. This investment will tighten Norsad’s commitment to fostering sustainable business growth thereby contributing to the vision to build a better Africa.
The collaboration between Norsad Capital, Absa Bank, and Stanbic Bank underscores a shared purpose of supporting sustainable businesses that create a positive impact. This facility stands as the first of its kind in Botswana, symbolising a collective effort to promote sustainable development and address pressing environmental and social challenges. The facility signifies the commitment to fostering a culture of responsibility within organisations and empowering our employees to be agents of change in their communities. The facility exemplifies the power of collaboration and partnership in driving meaningful change by bringing together expertise, resources, and a shared vision.
“We are excited to be at the forefront of this innovative approach to financing,” said Botho Phiri, Head of Financial Institutions Group at Absa Bank. “Sustainability-linked loans through impact investing allows us to achieve our financial goals while simultaneously making a positive difference in the world.”
”Our ability to arrange this transaction demonstrates our continued support for Norsad Capital’s Impact strategy by making use of sustainability-linked funding as a source of capital to facilitate responsible and sustainable growth across Africa” said Onalenna Keseabetswe, Head of Investment Banking at Stanbic Bank. “Together, with Norsad Capital and Absa Bank, we’re proud to lead the way towards a more sustainable and prosperous future.”
Norsad Capital has an opportunity to catalyse change by exploring untapped opportunities in Africa. This means investing in critical sectors such as soft and social infrastructure, renewable energy, healthcare, and food value chain. These sectors aren’t just avenues for financial growth; they’re catalysts for sustainable development. Furthermore, this facility is estimated to positively impact the lives of 2 million people in the South African region.
About Norsad Capital
Norsad Capital is an impact investor providing tailor-made debt solutions to mid-market growth companies in Sub-Saharan Africa. With a track record spanning over 34 years, Norsad Capital has invested over USD 550 million in more than 170 companies across the continent.
For more information: https://www.norsadcapital.com
About Stanbic Bank
Stanbic Bank Botswana is part of the Standard Bank Group, Africa’s largest bank by assets. The Bank provides the full spectrum of financial services offered through two major divisions. Its Corporate & Investment Banking (CIB) division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. The Personal and Business Banking unit (PBB) offers banking and other financial services to individuals, small-to-medium enterprises, and commercial businesses.
For more information: https://www.stanbicbank.co.bw/botswana/personal
About ABSA Bank
Absa Bank Botswana Limited is part of Absa Group Limited, an African financial services group that aims to be the pride of the continent. Absa Group Limited is listed on the JSE in South Africa and is one of Africa’s largest diversified financial services groups with a presence in 12 countries across the continent and around 42, 000 employees.
For more information: https://www.absa.co.bw/personal/
