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African Development Bank issues a green bond on the Norwegian market

The African Development Bank (AfDB) announced the issuance of a 1 billion Norwegian krone (NOK) (around €‎900 million) 5-year green bond, due March 2028. This marks the bank's first green bond issuance in the Norwegian krone market, following successful previous green bond issuances in other currencies, such as US dollars, Swedish krona, and Australian dollars, since the bank established its Green Bond Framework in 2013. 

The African Development Bank issues inaugural Green Bond in the Norwegian krone market_visual 1

The funds raised through this issuance will be used to finance eligible green projects in accordance with the AfDB’s Green Bond Program, which supports African countries’ transition to green growth. The bank aims to build resilience in the face of climate developments in the region, achieve sustainable infrastructure, develop ecosystems, and promote the efficient and sustainable use of natural resources such as water—a sector particularly vulnerable across the continent.

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Keith Werner, who manages Capital Markets and Financial Operations at the AfDB, expressed the bank's satisfaction in launching its first green bond in the Norwegian market with the support of Skandinaviska Enskilda Banken (SEB). He stated that the bank is committed to addressing the detrimental impacts of changing climates in Africa while expanding its investor base in the Nordic market. 

This is the 15th green bond that the bank has issued under its Green Bond Framework. It highlights its investments in various sectors, such as renewable energy, energy efficiency, clean transportation, biosphere conservation, and, particularly, sustainable water and wastewater management, which is of growing importance as the United Nations' Water Conference approaches.

This transaction is part of the AfDB’s ten-year strategy. The overarching objectives of the strategy are inclusive growth, transition to green growth, and committing to its role as a climate finance actor in Africa, particularly in the sustainable water and wastewater management sector. The bank’s consistent investments in this sector represent nearly a third of its green pipeline. 

Only a comprehensive approach to nature-based solutions can drive sustainable development forward. Tree planting, water management strategies, and other such projects, are equally significant in achieving a balanced net-zero future.

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