TUNIS, Tunisia, September 12, 2008/African Press Organization (APO)/ - The Board of Directors of the African Development Bank (AfDB) approved on Thursday in Tunis, two lines of credit totaling US$320 million to Standard Bank of South Africa (SBSA) and Nedbank, both o based in South Africa to provide long-term funding for infrastructure, industry and natural resource projects in Africa, outside South Africa.

The loans will provide both banks with long-term funding. Whilst the international "sub-prime" credit crisis has not directly impacted financial market liquidity in South Africa, it has increased the cost of long-term funding. The funding received will further diversify and enhance the capital base of both banks.

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Posted by boyang at September 12, 2008 12:31 PM