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CORPORATE LOAN TO TRUSTCO FINANCE LIMITED


Overview

  • Reference: P-NA-HB0-001
  • Approval date: 07/12/2011
  • Start date: 12/12/2012
  • Appraisal Date: 24/05/2010
  • Status: OngoingOnGo
  • Implementing Agency: TRUSTCO FINANCE LIMITED
  • Location: NAMIBIA

Description

A line of credit (LOC) in South African rand (ZAR) equivalent to US$10 million to Trustco Finance (the Client or the Borrower), the educational microfinance subsidiary of Trustco Group Holdings Ltd (Trustco, the Parent Company or the Group).


Objectives

To provide Trustco Finance with the necessary funds to continue funding students in Namibia.


Rationale

This proposed transaction fits with OPSM's strategy of supporting microfinance institutions as well as local champions who are stra tegically positioned and can demonstrate the capacity to deliver high development impact. It also aligns with the Bank's Country Strategy Paper (CSP) for Namibia which emphasizes the importance of providing support for the development of critical capacity in gover nment, private sector and civil society.


Benefits

The AfDB has been requested to provide an LOC in ZAR equivalent to US$10 million which would represent almost 22.43% of the Client's expansion funding plan. Through this LOC, the AfDB will be providing resources to be on-lent to students in Namibia to help them continue and further their education. Thus, the AfDB will make a significant contribution towards the building of the much need capacity for Namibia's development.


Key contacts

BANDA Jonathan Richard Kamkosi - PIFD0


Costs

Finance source Amount
ADBZAR 5,178,004
DeltaZAR 104
TotalZAR 5,177,900
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