The African Development Bank (AfDB) has approved a $172 mln financial package for South Africa’s Nedbank Group for infrastructure, banking and housing projects, it said on Thursday.

Nedbank headline earnings up 14%

The package comprises of a 2 billion rand ($140.45 million) subordinated loan, and a $30 million unfunded Risk Participating Agreement facility that will benefit African issuing banks in 20 regional member countries.

“The sub-debt will strengthen Nedbank’s balance sheet and contribute towards the realization of its strategy to finance among other sectors, infrastructure … digital banking and affordable housing,” the AfDB said in a statement.

($1 = 14.2396 rand)

Reporting by Wendell Roelf; Editing by Joe Brock