Standard Bank says not funding Lamu Coal

Nigel Beck, the head of environmental and social advisory at Standard Bank said they reviewed the opportunity to fund the controversial plant, but for “various reasons”, decided against it. The project is being financed by the Industrial and Commercial Bank of China Ltd.

This was confirmed by the project manager of the Centum-owned initiative Francis Njogu, who explained that Standard Bank only played the role of a mandated lead arranger, and not the project financier. Read full article here