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East and Southern African markets stand to benefit from Standard Chartered’s ongoing commitment to the ‘Power Africa’ partnership with USAID.
This latest deal comprises a USD50 million term loan to PTA Bank (Eastern & Southern Trade & Development Bank) for a period of 8 years. USAID is supporting the transaction with a loan guarantee, while Standard Chartered is the sole lender as well as sole coordinator, Mandated Lead Arranger and Facility Agent.
Power Africa is a multi-partner initiative launched by President Obama in 2013, bringing together technical and legal experts, the private sector and governments from around the world to power homes and businesses across the continent.
Through this transaction, PTA Bank will channel USD50million worth of funding to power generation and energy access projects across East and Southern Africa.