In the domestic financial markets, conditions have remained orderly and supportive of overall funding conditions for banks and corporates.īusiness sector staging a welcome recovery The aggregate industry capital adequacy ratio stood above the regulatory minimum at 221%. Similarly, insurers and takaful operators remain well-placed to sustain assistance to individuals and businesses by providing flexibilities for premium and contribution payments that would preserve their protection coverage. The banking system total capital ratio was sustained at 18.4%. Liquidity and funding conditions in the banking system remained supportive of financial intermediation activities. This enabled banks to further extend debt repayment assistance to households and businesses that were affected by the most recent movement restrictions, while sustaining lending activities. The ramp up of provisions in 2020 has provided banks with some headroom this year to moderate the amount of additional provisions set aside for credit losses. The tower foundation – a key construction milestone for the project has already been completed.Malaysia’s domestic financial stability preservedīank Negara Malaysia (BNM) released the Financial Stability Review for the first half of 2021 today.ĭomestic financial stability continues to be firmly supported by a resilient financial sector. The engineering works for the project is over 58% complete, whereas procurement and construction work stand at over 45% and 6% respectively. The construction for the project is well underway and is currently in the ninth (9th) month of construction. In addition to efficiently delivering clean energy to the national grid, the Redstone project will also offer tangible socio-economic value through offering job opportunities and utilising local supply chains. The project will reach close to 44% local content on procurement during the construction period create more than 2,000 construction jobs at peak, with about 400 from the local community and create approximately 100 permanent direct jobs during the operating period. The project is certified under the Climate Bonds Standard and Certification Scheme and aligned with the goals of the Paris Climate Agreement which seeks to limit global warming to under 2 degrees Celsius. Redstone CSP will offset an estimated 440 metric tons of CO2 emissions per year while also providing value-adding ancillary services to Eskom, being the first renewable energy project to offer such services in the country. Through the successful mobilisation of international project finance, Redstone CSP has facilitated approximately ZAR 7 billion in foreign direct investment to fund and support the strategic energy transition goals of the country. ACWA Power’s co-shareholders in the project include the Central Energy Fund, Pele Green Energy and the local community. Commencement of operations is scheduled for Q4 2023. Located in the Northern Cape Province of South Africa, the Redstone project will be equipped with a 12-hour thermal storage system that will deliver clean and reliable electricity to nearly 200,000 households round the clock. The DBSA has provided a commitment of R1.91billion to the transaction, comprising R1.5billion in senior debt and R410million in equity-linked funding. At ZAR 11.6 billion total investment, the largest renewable energy investment in South Africa to date, the Redstone concentrated solar power (CSP) project, has achieved its first debt drawdown.
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