AFDB SIGN LOAN DEAL WITH SOUTH AFRICA TO BOOST TRANSPORT SYSTEM

In a bid to help develop the nation’s transport system, The African Development Bank (AFDB) and SA Taxi Development Finance Proprietary Limited has signed a loan agreement.

The deals which is worth US$100 million will help support the firm growing strategy to empower taxi operators with limited access to finance from traditional financiers.

African Development Bank boosts South Africa’s transport sector through a $100 million loan agreement to SA Taxi. The funds will be used to boost industrialization & support the empowerment of taxi operators with limited access to traditional financing. https://t.co/FehCWCp8Tt pic.twitter.com/mHJcgUSNwG

— African Development Bank Group (@AfDB_Group) April 28, 2020

According to the deal, the loan will carry an eight-year tenor and includes a six-month grace period.

AFDB Director of Infrastructure & Urban Development Amadou Oumarou, and Lorenzo Cardoso, Chief Financial Officer and Director of SA Taxi signed the agreement.

Read full details on AFDB.org

Click on the floating icon on the right to subscribe. More so, please share, Follow us on Twitter and don’t forget to also like us on Facebook.