…a USD 54 Million note to be sold as an amount of a $200 million Green Bond program Corporation Zambia to issue its First Green Bond at the end of 2023

By Abdul Rahman Bangura-

Photo Credit: qz.com

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The earnings will be utilized to finance solar energy generation, as part of the corporation’s ambition to develop 200MW of renewable energy, Owen Silavwe, CEC’s Chief Executive Officer let out in a statement released on the
sidelines of the COP28 climate summit.

Green bonds have thrived in popularity globally as policymakers and financiers seek market-driven ways to venture climate change. It is likewise part of a broader gradient in finance correlated to environmental, sustainability, and governance goals.

Zambia finished regulations for publishing green bonds locally to support climate-related projects in
December 2022.

“We anticipate that (CEC’s announcement) will catalyze the listing of more green bonds as a means of capital raising for green initiatives and contribute towards deepening capital in our country,” Nonde Sichilima, a director at Zambia’s Securities and Exchange Commission, stated in the announcement.

Cygnum Capital was the lead arranger for CEC’s green bond programme. The Emerging Africa Investment Fund “in partnership with” South African bank Absa serves as the cornerstone investor.

Emerging Africa Investment Fund is owned by the Private Infrastructure Development Group, which in turn is possessed by six developed countries and the World Bank’s International Finance Corporation.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent