World Bank Group unit Multilateral Investment Guarantee Agency agreed to provide South Africa-based Absa Group Ltd. guarantees of $497 million to boost its lending capacity in seven countries.

The guarantees will be valid for 15 years for Absa's subsidiaries in Ghana, Kenya, Mauritius, Mozambique, Seychelles, Uganda and Zambia.

The company said the guarantees will protect Absa from risks related to mandatory capital requirements and help increase sustainable financing for corporates, small and medium-sized enterprises and projects with climate benefits.