Bank of China contributes to $400 million syndicated loan to Standard Bank of South Africa Limited for on-lending purposes in December 2023

Project narrative

In December 2023, the Standard Bank of South Africa Limited signed a $400 million sustainability-linked syndicated term loan agreement with a group of 16 banks — including the London Branch of the Industrial and Commercial Bank of China Limited (ICBC), Mizuho Bank, Ltd, Standard Chartered Bank, Commerzbank Aktiengesellschaft, Emirates NBD Bank (P.J.S.C.), the Export-Import Bank of China, the National Bank of Ras Al Khaimah (P.S.C), the Johannesburg Branch of Bank of China Limited, the Johannesburg Branch of the State Bank of India, the Johannesburg Branch of Bank of Communications Co., Ltd., Commercial Bank of Dubai PSC, SMBC Bank International plc, the Paris Branch of Qatar National Bank (Q.P.S.C.), the Dubai Branch of Banque Misr, the Johannesburg Branch of China Construction Bank Corporation, and Mashreqbank PSC — for on-lending purposes. The facility, which was coordinated by the London Branch of ICBC, Mizuho Bank, Ltd, and Standard Chartered Bank, was Standard Bank’s second sustainability-linked syndicated loan. The margin on the facility was linked to the borrower’s performance against two sustainability key performance indicators (KPIs). The KPIs aligned with the Standard Bank Group’s sustainability strategy and related to committed financing of renewable energy power plants and social projects in South Africa and across the African continent. The facility was structured as a two-year loan with an option for Standard Bank to elect to extend for a further year. Mizuho Bank, Ltd and Standard Chartered Bank acted as the sustainability coordinators, Mizuho acted as the facility agent, Standard Chartered Bank as the documentation agent, and ICBC as the syndication agent.