Rédaction Africa Links 24 with MENA
Published on 2024-03-09 11:20:54
Egypt’s achievement of winning the 2024 best bond deal in Africa for issuing sustainable Panda bonds worth ¥3.5 billion ($478.7 million) was a significant milestone in the financial world. This triumph was recognized at the 2024 Bonds, Loans & ESG Capital Markets Africa Awards conference, where Egypt’s efforts were applauded.
In October 2023, Egypt made history by becoming the first African country to successfully issue a Panda Bond. This groundbreaking move was supported by the African Development Bank Group and the Asian Infrastructure Investment Bank, who provided partial credit guarantees to facilitate the issuance. The collaboration between these institutions opened doors for other African countries to access the rapidly growing Chinese debt capital markets.
On the other hand, Côte d’Ivoire was recognized for its commitment to financing environmental, social, and governance (ESG) projects. The country was named ESG Loan Deal of the Year for securing funding worth $533 million for these initiatives. The African Development Bank Group played a pivotal role in this achievement by providing a €400 million partial credit guarantee, which enabled Côte d’Ivoire to mobilize the necessary financing for various strategic projects.
With the support of the partial credit guarantee, Côte d’Ivoire was able to raise funds for projects in sustainable agriculture and agro-industry, water and sanitation, renewable energy, health, affordable housing, education, vocational training, financial inclusion, and entrepreneurship. These projects are crucial for promoting sustainable development and improving the quality of life for the people of Côte d’Ivoire.
The success of Egypt and Côte d’Ivoire in securing financing for sustainable projects is a testament to the growing importance of ESG considerations in the financial markets. Investors and financial institutions are increasingly prioritizing investments that have a positive impact on the environment and society, making ESG criteria a key factor in decision-making processes.
The recognition received by Egypt and Côte d’Ivoire at the 2024 Bonds, Loans & ESG Capital Markets Africa Awards conference is a reflection of their commitment to sustainable development and responsible financing practices. These countries have set a precedent for others to follow, demonstrating the potential for African nations to access global capital markets and drive positive change through strategic investments.
Overall, Egypt and Côte d’Ivoire’s achievements in the realm of sustainable finance underscore the importance of collaboration between governments, financial institutions, and international organizations in promoting economic growth, environmental protection, and social development. By harnessing the power of sustainable finance, African countries can build a more prosperous and sustainable future for their citizens.
Read Original article on Egypt Independent
