Stanbic first to join IFC’s Climate Finance Advisory Programme
Stanbic Bank Ghana and International Finance Corporation (IFC) have entered into a partnership to improve the bank's capability to extend climate investments.
Under this Climate Finance Advisory engagement, IFC will support Stanbic Bank through training and advisory support to build the bank’s knowledge in identifying and assessing climate-aligned asset classes such as clean energy, clean transport, climate-smart agriculture, energy efficiency, and green buildings.
The Chief Executive Officer (CEO) of Stanbic Ghana, Kwamina Asomaning, said the initiative was critical because it was a good response to the growing demand for climate finance.
“At Stanbic are keen to learn new skills and perspectives to deepen our market understanding of climate-specific opportunities across sectors to improve our product offerings to better serve our clients. IFC’s depth of expertise and broad global experience provides that platform for us,” said
For his part, the IFC’s Senior Country Director for Ghana, Liberia, and Sierra Leone, Kyle F. Kelhofer, commended Stanbic Bank for stepping forward to be a pioneer in the programme.
He said the IFC looked forward to engaging more Ghanaian banks as the challenge of climate change was universal and the business opportunities in tackling it were limitless.
“The Climate Finance Advisory Programme is designed to help financial institutions in sub-Saharan Africa to integrate climate finance into their lending business and drive such investments,” he said.
He added that the demand for climate finance knowledge and opportunities was increasing appreciably across the continent, with significant growth seen in East Africa, particularly Kenya and Tanzania, and in Nigeria.
Mr Kelhofer said the programme had led to roughly $250 million in climate loans to customers of participating financial institutions in those countries.
He said interest was growing among financial institutions for portfolio reviews to assess their climate financing potential.
This trend points to further growth in climate financing in Africa.
About the partners
Stanbic Bank Ghana, which started operations in the country in 1999, has since expanded its geographical reach and broadened its scope of financial services.
It is a member of the Standard Bank Group, the largest indigenous African banking group in Africa, headquartered in Johannesburg, South Africa.
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets.
It works in more than 100 countries, using capital, expertise, and influence to create markets and opportunities in developing countries.
In 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global crises.