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Stuff from Johannesburg

Africa’s first DFI-supported social Flac instrument listed on the Johannesburg Stock Exchange

The African Development Bank has invested USD 332 million (ZAR 5.4 billion) in a capital markets security issued by Standard Bank Group Limited, Africa’s largest bank by total assets, to finance small and medium-sized enterprises (SMEs) across South Africa.

Complementing the facility, the Bank’s Affirmative Finance Action for Women in Africa (AFAWA) programme is providing a USD 1 million (ZAR 16 million) Technical Assistance grant from the We-Fi window to address barriers faced by women entrepreneurs. This includes providing digital payment tools to help build verifiable credit histories and delivering enterprise and supplier development support to women-led SMEs.

These two transactions will strengthen and expand Standard Bank’s ability to finance SMEs.

The facility is structured as a Flac instrument, a new class of debt introduced by the South African Reserve Bank in January 2026 as part of the country’s phased approach to implementing a bank resolution regime. The security has been issued as a social bond listed on the Johannesburg Stock Exchange (JSE), marking the first Flac instrument by SBG on the Exchange to target the social use of its proceeds.

“This investment reflects the African Development Bank’s commitment to strengthening Africa’s financial architecture while directing long-term capital to where it is needed most — South Africa’s small businesses and entrepreneurs,” said Kennedy Mbekeani, the Bank’s Director General for Southern Africa and Country Manager for South Africa. “By partnering with Standard Bank Group, we are simultaneously helping to build a more resilient banking system and supporting the SMEs that drive jobs and inclusive growth.”

Standard Bank Group has committed to allocating the full ZAR 5.4 billion to SMEs, including women-led businesses, in recognition of the gender financing gap that persists in South Africa’s small business sector.

Luvuyo Masinda, Chief Executive of Corporate and Investment Banking at Standard Bank Group, said: “We are delighted to close another landmark transaction with the AfDB, following the successful 2024 transactions. This social Flac issuance will further enable the group to deliver on our purpose – ‘Africa is our home; we drive her growth’. SMEs are a critical driver of economic growth and job creation. They are the backbone of South Africa’s economy, with approximately 3.2 million SMEs accounting for 60% of jobs, so ensuring these businesses have support and access to finance is imperative to our collective growth aspirations.”

Bill Blackie, Chief Executive of Business and Commercial Banking at Standard Bank Group, added: “We see first-hand the critical role that SMEs play in driving prosperity and job creation. This deal, together with our partnership with the AfDB, strengthens our ability to back the businesses that underpin inclusive economic growth. We are especially excited about the technical assistance grant, which will allow us to fund key initiatives that deliver direct, tangible benefits to women-led SMEs, supporting their ambitions to start, manage and grow resilient businesses.”

“This transaction is designed to be catalytic, encouraging the broader adoption of international best practice in banking across the African continent,” said Ahmed Attout, Director of the Financial Sector Development Department at the African Development Bank.

This transaction deepens a longstanding partnership between the African Development Bank and Standard Bank Group, dating back to 2008. It builds on the Bank’s November 2024 approval of a ZAR 3.6 billion subordinated debt facility for Standard Bank Group and a $200 million risk participation agreement with The Standard Bank of South Africa, in support of trade finance across Africa.

As of December 2025, Standard Bank Group had fully utilised the 2024 facility, supporting 5,425 SMEs and exceeding its initial target of 4,000, with loans directed towards businesses in agriculture, retail, wholesale trade, and manufacturing.

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Top Star Drive-In: The Cinema on the Mountain of Gold

The Ferreira Dump began growing in the late 1800s, composed of the crushed rock and chemical residue left over after early, inefficient mining processes had extracted as much gold as the technology of the time allowed. By the 1960s, it was a flat-topped, man-made mesa overlooking the city. In a stroke of entrepreneurial genius, the surface was tarred and the Top Star Drive-In was opened. It quickly became a South African institution. Its appeal was not just the movies, but the unparalleled view: as the sun set, the massive white screen would flicker to life against a backdrop of the glowing skyscrapers of the Central Business District, separated from the viewer only by the elevated M2 highway.

In the decades before television arrived in South Africa (1976), the Top Star was a primary social hub. It was a democratic space in an undemocratic time; while the city below was strictly segregated, the “car” served as a private bubble that allowed a degree of social freedom not found in traditional theaters. For many Johannesburgers, the Top Star was a site of nostalgic rites of passage—first dates, family outings where children were piled into the back of station wagons with blankets and flasks of tea, and the Saturday “car market” where the parking lot transformed into a sprawling hub for buying and selling second-hand vehicles.