African Development Bank (AfDB), has joined the rank of institutions allowed to issue social bonds, via the Nasdaq Sustainable Bond Network (NSBN).
As one of the world’s largest issuers of social bonds, NSBN provides a global and publicly accessible platform to foster transparency in the market for green, social and sustainability bonds.
The AfDB revealed that the 10 Bank bonds were added to the platform, including its landmark three billion dollars Fight COVID-19 Social Bond unveiled in March 2020.
The Fight COVID-19 bond is currently the largest Social Bond ever commissioned in international capital markets.
Historically, the AfDB established its Social Bond framework in 2017 and had sourced about 5.5 billion dollars through five transactions. This was used to support 89 social projects in 28 African countries, circa Dec. 31, 2019.
In 2018, the AfDB was credited as the Second most impressive social or sustainability bond issuer at the Global Capital SRI Awards.
Also, the Bank’s NOK one billion 3-year Social Bond issued in 2019 was awarded “Social Bond of the Year” by Environmental Finance.
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