Kenya’s first green bond issued by Acorn has today started trading at the London Stock Exchange (LSE), following its official launch by President Uhuru Kenyatta.
The bond, therefore, becomes the first Kenya shilling denominated corporate green bond to be listed in the United Kingdom.
This development comes days after the bond, worth KSh4.3 billion, started trading at the Nairobi Securities Exchange (NSE).
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Green bonds are designated bonds intended to encourage sustainability and to support climate-related or other types of special environmental projects. More specifically, green bonds finance projects aimed at energy efficiency, pollution prevention, sustainable agriculture, fishery and forestry, the protection of aquatic and terrestrial ecosystems, clean transportation, sustainable water management and the cultivation of environmentally friendly technologies.
Kenya’s bond, therefore, seeks to enable Acorn Holdings raise funds to build environmentally friendly accommodation, dubbed Qwetu residences, for 50,000 university students in Nairobi.