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- Banks and energy firms tap bonds for projects
Banks and energy firms tap bonds for projects
Source: ZANACO
From the newsletter
Zambia National Commercial Bank (ZANACO) has announced plans to issue the country’s first-ever sustainability bond, aiming to raise $100 million to finance renewable energy, sustainable agriculture, and climate-resilient infrastructure projects. This marks a major step towards funding initiatives that could help the country move out of load-shedding.
Across Africa, momentum for green and sustainability bonds is slowly building, though volumes remain low compared to global markets. The continent accounts for less than 1% of the world’s $2.2 trillion green-bond market.
Energy companies have tapped into this trend. The Copperbelt Energy Corporation (CEC) became Zambia’s first energy firm to issue a green bond, raising $150 million over 15 years to fund 230 MW of solar projects.
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