AfDB offers South Africa a financing deal to raise $41bn

The African Development Bank (AfDB) has suggested a plan to South Africa that will help the nation use the $8.5 billion in climate financing pledged by some of the world’s richest nations to raise even more funds. The AfDB has recommended that South Africa park the funds in a special purpose vehicle, bank President Akinwumi Adesina. The SPV, which can seek a credit rating, can sell zero-coupon bonds to raise as much as $41 billion, Adesina said in an interview Thursday in Bloomberg’s New York office.