The Morupule B plant is the first major transaction involving Standard Bank and ICBC, which has a 20% stake in the former. The Standard Bank Group through SBB, experienced Global Markets, Debt Capital Markets and Project Finance expertise in Africa helped secure the mandate. When the two Banks signed a strategic partnership deal, one of their objectives was to participate in co-funding large infrastructure projects in Africa. This deal comes at a time when banks around the world are cutting back on international lending and concentrating on domestic markets in the wake of the global financial crisis.
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