AfDB, GGBI partner to strengthen Africa’s green bond market
NAN reports that Africa’s engagement in the green bond market currently represents less than 1% of more than 2.2 trillion dollar community green bond issued in 2022.
AfDB, GGBI partner to strengthen Africa’s green bond market [Estate Intel]
Recommended articles
AfDB’s Group Vice President and Chief Financial Officer, Ms Hassatou N’Sele, said this in a statement issued on the bank’s website. The News Agency of Nigeria (NAN) reports that Africa’s engagement in the green bond market currently represents less than 1% of the more than 2.2 trillion dollar community green bond issued in 2022.
N’Sele said the institutions in the Global Green Bond Initiative (GGBI) comprised the European Investment Bank, European Bank for Reconstruction and Development, and Italy’s Cassa Depositi e Prestiti.
Others are the Spanish Agency for International Development Cooperation, Green Climate Fund and Germany’s KfW development bank, while PROPARCO of the AFD Group act as consortium of European development finance institutions.
ADVERTISEMENT
The AfDB’s chief financial officer signed the declaration with representatives of the coalitions’ institutions on the sidelines of the 2023 UN Climate Change Conference (COP28) in Dubai, United Arab Emirates.
N’Sele said the engagement was to tap from the Global Green Bond Initiative technical assistance programme announced by European Commission President Ursula von der Leyen in June 2023.
"The Initiative will help private capital flow from institutional investors into climate and environmental projects in EU partner countries, increasing their access to capital.
"Providing technical assistance to green bond issuers in emerging markets and developing economies (EMDEs), and crowding in private investors through a dedicated de-risked fund.
"This will act as an anchor investor in green bonds issued in EMDEs.
ADVERTISEMENT
“The anticipated impact can be up to 15-20 billion euro in green investments,” she said.
N’Sele said the partners supported the origination of green bonds, development and identification of pipelines of green projects, and the development of credible and coherent green bond frameworks.
“This joint declaration among us to collaborate on technical assistance on green bonds in Africa is our commitment to work together and it is significant and impactful.
”There cannot be impactful development in Africa without vibrant local capital markets,” the AfDB official said.
N’Sele highlighted the AfDB’s engagements in the green bond market, including issuing over 10 billion dollar worth of green and social bonds in 2022 to support sustainable progress across Africa.
ADVERTISEMENT
“Let’s help Africa fully leverage the power of green bonds, and we can contribute together towards a sustainable future for Africans,” she stated.
Mr Stefano Signore of the European Commission’s partnerships directorate, described the partnership with the AfDB as an important milestone in efforts to mobilise green bonds in emerging developing economies.
Also, representative of the Spanish Agency for International Development Cooperation (AECID) expressed hope that the partnership would contribute to the intensification of climate and environmentally relevant projects.
"We hope to also contribute to pipelines that can set off the mobilisation of the global green bond initiative.”
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Reps to probe procurement process of Lagos-Calabar coastal highway
Sanwo-Olu marks 1st year of 2nd term, gives 698 civil servants homes via ballot
Yusuf brings joy to retirees by approving ₦5bn payment of pension, gratuity
Daniel Ojukwu: Sowore, Adeyanju lead protest at police HQ over unlawful detention of journalist
Gov Namadi builds embankments to ensure better flood control in the State
Prodigal satellite found 25 years after going missing in space
₦2.7bn fraud: Court grants Sirika, daughter, 2 others ₦100m bail each
Nigeria Air: Sirika, daughter, appear in court over alleged ₦2.7bn fraud
Catholic Bishop wants youth to make church activities go viral on social media
Pulse Sports
DAVID AND VICTORIA BECKHAM: How the global soccer superstar and the Spice Girl-turned-fashion designer make and spend their millions
Chelsea set to offer Romelu Lukaku and cash for Super Eagles star Victor Osimhen
Mikel Obi: Super Eagles legend goes viral speaking Hausa
Anthony Joshua: Nigerian-born boxer teams up with Mariah Carey, Naomi Campbell and Cuppy in France
ADVERTISEMENT
![Akwa-Ibom Governor Umo Eno [The Guardian Nigeria]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'300'%20height%3D'172'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Akwa-Ibom Governor Umo Eno [The Guardian Nigeria]")