The African Development Bank is set to raise US$7.24 billion from capital markets after the board approved its 2019 borrowing program.
The Bank accesses many capital markets and majorly borrows in US dollars, Euros and in other public markets in Pound Sterling and Australian dollars, based on market issuance policies.
The institution has continued to maintain a vibrant presence in supporting socially responsible investments and regularly issues Green and Social Bonds, products that satisfy growing demand for impact investments.
“We have a strong track record, a diversified funding profile, investors across the world and the benefits of a AAA rating to strongly support the African Development Bank mandate,” said AfDB’s treasurer Hassatou N’Sele.
The investments from AfDB and its Green and Social Bonds allow the institution to underscore its development goal and promote its sustainable and inclusive growth across the African continent.
“We continue to raise our profile in the capital markets to provide cost-effective resources to finance projects and programs on the African continent,” he said.
Going forward, the Bank says it will stay on its agenda to promote development of African Capital markets by issuing debts in local currency, a move that will facilitate financing of the institutions initiatives and local currency operations.
The Bank disbursed US$7.51 billion in 2017 to finance a wide range of its programs in member countries, after transcending its target for non-sovereign operations by 56 per cent.