African Development Bank Board approves 2018 borrowing programme for US$8 billion
The African Development Bank on Wednesday announced it will raise US$8 billion in funding from various international capital markets, following earlier approval by the bank’s board for its 2018 borrowing programme.
The bank provides financial assistance to its member countries by mobilizing resources primarily from the capital markets under its annual borrowing programme. It is rated triple-A by all the major international rating agencies, Fitch, Moody’s and Standard & Poor’s, and accesses a wide array of capital markets with the bulk of its issuance in US dollars, Euros, Australian dollars and pound sterling.
“The African Development Bank has also shown a strong commitment to socially responsible investment programmes with a proven track record of successful issuance in green bonds over the past five years,” the bank said in a statement announcing its 2018 borrowing programme.
“We have stepped up our profile in the international capital markets and will continue to raise funds across the globe to provide cost effective resources to our clients” stated acting Group Vice President Finance and Treasurer, Hassatou N’Sele who was appointed earlier this year.
The bank recently launched a Social Bond programme to meeting Africa’s critical development challenges. This programme is at the heart of the bank’s social mandate.
The bank said it will continue to explore the prospects for African currency bonds to facilitate the financing of its local currency operations and promote the development of domestic bond markets across Africa.