Global Green Bond Initiative joins with AFDB to strengthen green bond markets in Africa

Source: 12/1/2023, Location: Europe

The African Development Bank Group signed a joint partnership agreement with the coalition of development finance institutions of the Global Green Bond Initiative to collaborate on technical assistance to promote green bond markets in Africa. Africa’s engagement in the green bond market currently represents less than 1 percent of more than $2.2 trillion in community green bond issuance in 2022.

The Global Green Bond Initiative coalition comprises the European Investment Bank, the European Bank for Reconstruction and Development, Italy’s Cassa Depositi e Prestiti, the Spanish Agency for International Development Cooperation, Germany’s KfW development bank, PROPARCO of the AFD Group, acting as a consortium of European development finance institutions, and the Green Climate Fund.

African Development Bank Group Vice President and Chief Financial Officer, Ms Hassatou N’Sele, signed the declaration with representatives of the coalition’s member institutions on the sidelines of the 2023 UN Climate Change Conference (COP28) in Dubai, United Arab Emirates.

This new strategic partnership forms part of the Global Green Bond Initiative technical assistance programme that was announced by European Commission President Ursula von der Leyen in June 2023.

The Initiative will help private capital flow from institutional investors into climate and environmental projects in EU partner countries, increasing their access to capital by providing technical assistance to green bond issuers in emerging markets and developing economies (EMDEs), and crowding in private investors through a dedicated de-risked fund, which will act as an anchor investor in green bonds issued in EMDEs. The anticipated impact could be up to €15-20 billion in green investments.

To further strengthen the technical assistance arm of the GGBI, the coalition also works with strategic partners, including regional development banks such as the African Development Bank, to support the origination of green bonds, the development and identification of pipelines of green projects, and the development of credible and coherent green bond frameworks.

Ms N’Sele welcomed the partnership: “This joint declaration among us to collaborate on technical assistance on green bonds in Africa is our commitment to work together, and it is significant and impactful. There cannot be impactful development in Africa without vibrant local capital markets.”

N’Sele highlighted the African Development Bank’s engagements in the green bond market, including issuing over $10 billion worth of green and social bonds last year to support sustainable progress across Africa: “Let’s help Africa fully leverage the power of green bonds, and we can contribute together towards a sustainable future for Africans.”

Stefano Signore of the European Commission’s partnerships directorate, described the partnership with the African Development Bank as an important milestone in efforts to mobilise green bonds in emerging developing economies: “With the partnership of the African Development Bank, we hope we can contribute to the intensification of climate and environmentally relevant projects and pipeline that can set off the mobilization of the global green bond initiative,”

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