The African Development Bank Group has approved a $30 million loan to Norsad Capital to boost the private sector in Southern Africa. The loan is intended to finance businesses in several sectors.

The Board of Directors of the African Development Bank Group approved on June 22, a $30 million loan to Norsad Capital Limited, a Botswana-based impact investor. The sectors targeted are agribusiness, health, financial services, manufacturing, information and communication technology, and education.

Through this financing, the Bank intends to catalyze increased access to long-term financing for businesses and promote private sector development in the Southern African Development Community region. Norsad will allocate a portion of the funds to businesses operating in transitional states in the region to support inclusive growth. The expected outcome is job creation for, among others, youth and women in labor-intensive agribusiness and manufacturing sectors.