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The potential involvement of the IFC comes as environmental groups pressure investors, including development finance institutions, to halt investment in fossil fuels such coal, oil and natural gas. Most other bidders in the round relied at least partially on renewable energy.
Activists and the main opposition party in South Africa unsuccessfully pressed for a parliamentary inquiry into the award of preferred bidder status to Karpowership, while a rival bidder sued to have the entire tender scrapped, alleging corruption. Karpowership has denied wrongdoing and said its bids were more competitive than others.
Africa s market to recycle bad debt will boost banks — and entice investors spglobal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from spglobal.com Daily Mail and Mail on Sunday newspapers.
Investors search for better yields could bolster Africa s nascent secondary market in nonperforming loans, with surging defaults across the continent due to the pandemic creating more opportunities to buy distressed debt.
For an NPL market to develop, three key aspects are required: An adequate regulatory and legal framework; sufficient capital from investors; and specialist companies to rehabilitate the loans acquired.
A lack of supportive laws and regulations, and difficulties in agreeing on prices for NPL portfolios, have so far stymied growth in Africa and support from the likes of the World Bank s International Finance Corp., or IFC, will be critical to creating a functioning secondary market.
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(Bloomberg) Emerging market green bond issuance will more than double by 2023 to exceed $100 billion, according to two of the biggest players in the sector.
The World Bank’s International Finance Corp. and European asset manager Amundi SA, who together created the world’s largest green bond fund targeting emerging markets, predict sales will rise rapidly from the $40 billion seen in 2020. Issuers will be spurred on by the prospect of cheaper borrowing costs for such debt, they said in a report.
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