FirstRand Ltd., a leading financial services group led by South African banker Mary Vilakazi, has joined with the UK governments development-finance arm to launch a 150 million facility aimed at helping companies in carbon-heavy sectors switch to cleaner production methods.
The partnership marks one of the most targeted efforts yet to support African businesses that want to cut emissions without losing access to credit. British International Investment Plc., or BII, said it will supply capital and technical support as FirstRand sets up the program.
The facility will be deployed through FirstRands corporate and commercial banks, RMB and FNB, and will focus on high-emitting businesses prepared to shift to lower-carbon technologies, the firms said Tuesday.