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The African Development Bank issued green bonds worth SEK 1.25 billion ($134 million). This was the first green bonds issue by the Bank this year, the fifth overall and the third in Swedish Krona.

Green Economy

African Development Bank Issues Green Bonds Worth $134 Million

The African Development Bank issued green bonds worth SEK 1.25 billion ($134 million). This was the first green bonds issue by the Bank this year, the fifth overall and the third in Swedish Krona.

The African Development Bank recently released its fifth green bonds issue with proceeds earmarked for renewable energy and energy efficiency projects.

Late last month, the African Development Bank issued green bonds worth SEK 1.25 billion ($134 million). This was the first green bonds issue by the Bank this year, the fifth overall and the third in Swedish Krona. With this issue the Bank has issued a cumulative of SEK 3.25 billion and $1 billion green bonds; this includes a $500 million green bond issue which matured in October 2016 and was fully allocated to the investors.

The bonds, focused at the Swedish investors, will mature in 5.5 years and provide a yield of 0.413%. 

“We are very pleased by the strong interest received from Swedish green bond investors on the AfDB climate finance actions and strategy and thank them for their participation. This is our third transaction in the Swedish green bond market and this bond will support our commitment to help the African continent gradual transition to green growth.” – Hassatou N’Sele, Treasurer, African Development Bank.

“It was great to be back in the SEK market for the first time since our inaugural trades in 2014. We had strong support from Swedish investors in our earlier trades and I was gratified to see this was the case once again. This issuance will allow us to continue to fulfil our development mandate in Africa with a focus on sustainability by financing projects with either a climate adaptation or mitigation component on the continent.” – Keith Werner, Chief Treasury Officer, African Development Bank.

Proceeds from the green bonds issued by the African Development Bank have been invested in some of the largest renewable energy projects in Africa. The iconic Ouarzazate Solar Power Project and several projects under South Africa’s Renewable Energy Independent Power Producers Procurement Programme (REIPPPP) have secured funding from green bond proceeds.

 

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