UKEF support for sustainable projects doubles to £2.4bn in 2020
Government export agency says its provided record levels of sustainable investments to developing countries last year
UK Export Finance (UKEF) doubled its sustainable investments last year after providing £2.4bn of financial support to UK businesses delivering a range of projects that provided a positive social or environmental impact, the government announced today.
The export credit agency said it had chalked up record levels of sustainable investment in developing countries after spending more than £120m on major energy transformation initiatives, with key projects including two offshore wind farms in Taiwan and two of Spain s largest solar power plants, a £27m investment in a pioneering solar powered water sterilisation programme in Ghana, and more than £1.9bn on major transportation projects, including backing for a new electric monorail line in Egypt.
Judging is based on submissions sent to
GTR that outline institutions’ greatest achievements throughout the course of 2020 as related to these specific categories .
Congratulations to the winners!
Given that, disappointingly, just two submissions across the entire global market were received for this category, the GTR editorial team decided not to award any winners. In some cases, where entries overlap with Best Deals signed in 2020, the GTR team also draws on those transactions.
Bank: Bank of America
With a solid performance that went beyond the ‘E’ in ESG to tackle societal and governance issues too, Bank of America was a standout choice in the sustainability category.
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Deal name: Beitbridge border post
Borrower: Zimborders
Mandated lead arrangers: Absa, Nedbank, RMB, Standard Bank
Lenders: Absa, Afreximbank, Emerging Africa infrastructure Fund, Nedbank, RMB, Standard Bank
Insurers/ECAs: Afreximbank, ECIC
Tenor: 11 years (senior debt), 12 years (mezzanine debt)
Date signed: November 2020
Beitbridge border post, a crossing that connects Zimbabwe and South Africa, is known for its ageing infrastructure that acts as a chokepoint for the movement of goods and people.
Delays at the post are common; truckers carrying goods can wait as long as five days to cross the border, states RMB in its deal submission.
Upgrading the crossing is paramount to ensuring a more efficient trading system in Southern Africa because the border post is “not only the gateway to Zimbabwe but also to Zambia, Malawi and the DRC [Democratic Republic of the Congo]”, says the bank.
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