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Botswana: Private sector development in Southern Africa region gets boost with approval of $30 million loan to Norsad Capital from African Development Bank Group

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  The Board of Directors of the African Development Bank Group www AfDB org approved a 30 million loan to Norsad Capital Limited https NorsadCapital com to finance business and promote private sector development in the Community of Development of Southern Africa region Norsad will channel a portion of the funding to companies operating in transition states within the region and in support of inclusive growth The expected result is job creation for among other groups youth and women in the labor intensive agricultural processing and manufacturing sectors The Bank s facility will support increased lending and loan term extension to Norsad clients in line with Norsad s medium term strategy said Stefan Nalletamby Bank Group Director of Financial Sector Development African Development According to Ahmed Attout Manager of the Bank s Capital Markets Development division the disruptive impact of the COVID 19 pandemic means that institutions like Norsad must increase their lending to the private sector to support the private sector led economic recovery in the region The project is aligned with a number of priorities of the African Development Bank including its High 5 strategic priorities It also promotes the Bank s Private Sector Development Strategy 2021 2025 and due to Norsad s compliance with environmental and social management standards is in line with the Bank s Green Growth and Climate Policy and Strategy and the Bank s Strategy and Plan SADC Climate Change Action Plan 2015 Operating as a non bank private financial institution Norsad provides financing to private companies and financial institutions operating in the 16 member Southern African Development Community It is owned by eleven SADC National Development Agencies and four Nordic Development Finance Institutions Swedfund International Norwegian Investment Fund for Developing Countries the Investment Fund for Developing Countries of Denmark and Finnish Fund for Industrial Cooperation
Botswana: Private sector development in Southern Africa region gets boost with approval of million loan to Norsad Capital from African Development Bank Group

1 The Board of Directors of the African Development Bank Group (www.AfDB.org) approved a $30 million loan to Norsad Capital Limited (https://NorsadCapital.com) to finance business and promote private sector development in the Community of Development of Southern Africa region. Norsad will channel a portion of the funding to companies operating in transition states within the region and in support of inclusive growth. The expected result is job creation for, among other groups, youth and women in the labor-intensive agricultural processing and manufacturing sectors.

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3 “The Bank’s facility will support increased lending and loan term extension to Norsad clients in line with Norsad’s medium-term strategy,” said Stefan Nalletamby, Bank Group Director of Financial Sector Development. African Development.

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4 According to Ahmed Attout, Manager of the Bank’s Capital Markets Development division, the disruptive impact of the COVID-19 pandemic means that institutions like Norsad must increase their lending to the private sector to support the private sector-led economic recovery in the region.

5 The project is aligned with a number of priorities of the African Development Bank, including its High-5 strategic priorities. It also promotes the Bank’s Private Sector Development Strategy 2021-2025 and, due to Norsad’s compliance with environmental and social management standards, is in line with the Bank’s Green Growth and Climate Policy and Strategy and the Bank’s Strategy and Plan. SADC Climate Change Action Plan (2015) .

6 Operating as a non-bank private financial institution, Norsad provides financing to private companies and financial institutions operating in the 16-member Southern African Development Community.

7 It is owned by eleven SADC National Development Agencies and four Nordic Development Finance Institutions: Swedfund International; Norwegian Investment Fund for Developing Countries; the Investment Fund for Developing Countries of Denmark; and Finnish Fund for Industrial Cooperation.

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