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Nigeria: AfDB Board of Directors Approves Borrowing Programme for 2021

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Nigeria: AfDB Board of Directors Approves Borrowing Programme for 2021

The Board of Directors of the African Development Bank (AfDB) has approved the Bank’s 2021 Borrowing Programme for up to US$10.4 billion to be raised from capital markets.

A statement from the bank said the borrowing programme will allow the Bank to raise funds in the debt capital markets in order to help finance its projects and programmes in Africa. The approval was made on December 11, 2020, the statement said.

The statement said AfDB is active in various international capital markets, including the US dollar, Euro, Australian dollar and Pound sterling.

“The Bank will continue to promote the development of African Capital markets with the issue of local currency denominated debt to facilitate the financing of its local currency operations, alongside other initiatives,” it said.

AfDB said in the socially responsible investment arena, it continues to be active and a regular issuer of Green and Social Bonds, as highlighted by its award winning and landmark $3 billion, three-year “Fight Covid-19” Social Bond earlier this year.

The Bank has also continued to use its ‘High 5’ operational priorities as a platform to issue 19 theme bonds, including ‘Improve the Quality of the Life for the People of Africa’ and ‘Light Up and Power Africa’ bonds.

The AfDB is rated triple-A by all the major international rating agencies with a stable outlook and is also rated by the ESG (Environmental Social and Governance) rating agencies.

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