South Africa: IPSA scores $30m loan to pay Siemens

IPSA Group has signed a £15.5m ($30m) loan facility agreement with Standard Bank. Some £12.7m has been used to pay the balance of funds due to Siemens subsidiary TurboCare for the _31.2m ($49.5m) acquisition of four Fiat Avio 501 D gas turbines for the Coega industrial zone project. The remainder will be used for working capital purposes. “We are really delighted by the strong support for IPSA shown by Standard Bank at this time of turbulence in the international financial markets.