African Bank

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The project consists of a subordinated Tier-II qualifying debt to African Bank Limited (African Bank or the Bank), the leading provider of short to medium term unsecured retail loans to formally employed low- to middle-income individuals in South Africa. The project aims to: - broaden access to finance to the underserved markets notably unsecured finance largely used for incremental housing construction and education purposes; - show confidence in a financial institution that is reliant on wholesale funding, thereby ensuring continued growth and credit product availability to the lower-middle market segments even in the midst of relative market uncertainty. Although the proposed financing will enhance the balance sheet of the Bank overall, it will be designed to support the expansion of credit for housing and education purposes, both of which are critical to the social and economic development of previously disadvantaged individuals in South Africa.