#COVID19 is an opportunity to re-think the structure of our economies, to build for a fairer, more resilient, & low-carbon future. @IFC_org has partnered with @NedbankCIB to help fund renewable energy projects in #SouthAfrica. Read more: https://t.co/PfwApJSJV5 pic.twitter.com/ajw27ffxtx

— IFC Africa (@IFCAfrica) December 21, 2020

aim of this partnership is to enable the energy transition, the reduction of greenhouse gas emissions and the creation of jobs in the renewable energy sector. Under the terms of the bilateral agreement, the IFC will provide the rainbow nation with a $200 million loan to help expand green finance operations

This agreement falls within the framework of the institution's broader objectives: to develop South Africa's climate finance market and support the government's strategy for the transition to a low-carbon economy. Indeed, the country plans to reduce its emissions by 42% by 2025, and to diversify its electricity production by 2050 in order to reduce its dependence on coal.

Nedbank is the first South African bank to have achieved carbon neutrality and issued the first green bonds on the South African Stock Exchange.

The IFC estimates that the ecological transition of the energy sectors and sustainable urban infrastructure has an investment potential of $588 billion by 2030 for South Africa.