BEVERLY HILLS, December 20, (THEWILL) – The 2021 Borrowing Programme of the African Development Bank (AfDB) has been approved by the Board of Directors for up to $10.4 billion to be raised from capital markets.
This programme will allow the Bank to raise funds in the debt capital markets in order to help finance its projects and programmes in Africa. The approval was made on December 11, 2020.
The Bank in a statement issued in Abidjan, Cote d’Ivoire, and signed by Amba Mpoke-Bigg of the Communication and External Relations Department, said AfDB takes active part in various international capital markets including the US dollar, Euro, Australian dollar and Pound sterling.
It said the Bank will continue to promote the development of African capital markets with the issue of local currency-denominated debt to facilitate the financing of its local currency operations, alongside other initiatives.
“In the socially responsible investment arena the Bank continues to be active and a regular issuer of Green and Social Bonds, as highlighted by its award-winning and landmark $3 billion, three-year ‘Fight Covid-19’ Social Bond earlier this year.
“The African Development Bank has also continued to use its ‘High 5’ operational priorities as a platform to issue 19 theme bonds, including ‘Improve the Quality of the Life for the People of Africa’ and ‘Light Up and Power Africa’ bonds,” the statement said.
The AfDB is rated triple-A by all the major international rating agencies with a stable outlook and is also rated by the ESG (Environmental Social and Governance) rating agencies.
The Bank said it will continue to promote the development of African capital markets with the issue of local currency-denominated debt to facilitate the financing of its local currency operations.