African Development Bank wins industry gong for pioneering 2019 social bond issue
This Environmental Finance 2020 bond award was given by an independent panel comprising 30 of the world’s largest green, social and sustainability
bond investors
ABIDJAN, Ivory Coast, April 1, 2020/ -- The African Development Bank (www.AfDB.org) received on 30 March 2020 an award for its successful one billion
Norwegian krone (NOK) social bond issued in 2019. This Environmental
Finance 2020 bond award was given by an independent panel comprising 30
of the world’s largest green, social and sustainability bond investors.
"It is inspiring to observe how the African Development Bank sources
global capital to finance, lead and develop a strong platform for
inclusive and environmental growth across Africa. We know from many of
our investors that the ability to participate in Africa through AfDB's
triple-A rating is highly appreciated and we look forward to many more
transactions like this," said Christopher Flensborg, Head of Climate
& Sustainable Finance in Large Corporates & Financial
Institutions at Skandinaviska Enskilda Banken, a Swedish financial
group.
The African Development Bank bond issue was the first social bond ever
launched in the Norwegian market, and the Bank’s first transaction in
NOK. It was launched in April 2019, as part of a dual-tranche social
bond and green bond, placed on the Norwegian and Swedish markets. The
dual transaction drew strong interest from dedicated socially
responsible investor portfolios as well as those who strongly weight
environmental, social and governance considerations in their investment
strategies.
The proceeds from this social bond issuance are being directed toward
poverty reduction, job creation, and inclusive growth. Since 2017, the
Bank has launched nearly $5 billion worth of such instruments
denominated in US dollars, euros and Norwegian krone. In 2018, the Bank
was recognized as “Second most impressive social or sustainability bond
issuer” at the Global Capital Socially Responsible Investments Awards.
The Environmental Finance 2020 bond award followed the 27 March
announcement that the Bank had raised a record $3 billion from its Fight COVID-19 social bond, the proceeds of which will fund public and
private efforts to tackle the viral pandemic in Africa. Fight COVID-19
is the largest social bond ever issued in capital markets.
“We are honored to receive this recognition for this first ever issued
social bond in the Norwegian market. This NOK issue reinforces the
Bank’s High 5 operational focus which is aligned with the Sustainable
Development Goals. Our Social bond framework allows us to attract
investors whose interests are aligned with those of our development
mandate,” said Bajabulile Tshabalala, acting Senior Vice President of
the African Development Bank.
“We are delighted to be honored by market leaders as we devote our
efforts towards the economic and social development of the African
continent. The mission of the African Development Bank is to combat
poverty and improve lives and social bonds allow us to showcase the
impact of our social projects in Africa,” said Hassatou Diop N’Sele,
Treasurer of the African Development Bank Group.
About the African Development Bank Group:
The African Development Bank Group (www.AfDB.org) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African
Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground
in 41 African countries with an external office in Japan, the Bank
contributes to the economic development and the social progress of its
54 regional member states. For more information: www.AfDB.org
Link: African Development Bank Group (AfDB)
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