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 | Two leading South African banks get US$ 30 million credit facilities |  |  |
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18 March 2003
Standard Corporate and Merchant Bank (SCMB) and Rand Merchant Bank (RMB) have respectively signed US$ 20 million and US$ 10 million worth of long-term lines of credit with Proparco, the private sector arm of the French Development Agency.
The US$ 10 million facility with RMB is the third line of credit with the bank and follows two successful previous loans from Proparco amounting to US$ 35 million, which saw RMB finance mining, industrial and infrastructure projects in South Africa, Botswana, Cameroon, Congo-Brazzaville and Guinea-Conakry, including public private partnerships projects.
The US$ 20 million loan with SCMB is the first facility and also aims at providing finance to a major South African bank with a strong African network for infrastructural and industrial projects throughout the continent.
Both facilities continue to strengthen the successful pan - African partnerships between South African banks and companies and Proparco in their quest to implement NEPAD-type projects.
The involvement of SCMB, RMB and Proparco in such ventures helps drive higher levels of local and foreign long-term investments in the continent. It shows that South African project finance expertise and innovation linked with bilateral financial long-term involvement and flexibility is key to successfully channelling private sector support towards the execution of long-term projects in risky environments.
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