AfDB’s Board Approves $10.4bn Borrowing Program for 2021
Dr. Adesina Akinwumi, President AfDB

AfDB’s Board Approves $10.4bn Borrowing Program for 2021

African Development Bank’s (AfDB) $10.4 billion borrowing program for financial year 2021 has been approved by the Board of Directors, the bank said in a statement on Sunday.

Accordingly, the approval implies the regional focus development Bank is expected to raise up to $10.4 billion from capital markets in the coming year.

It was stated that the program will allow the the management to raise funds in the debt capital markets in order to help finance the Bank’s projects and programs in Africa.

Meanwhile, the bank explained in the statement that this approval was made on December 11, 2020.

AfDB is noted to be active in various international capital markets including the US dollar, Euro, Australian dollar and Pound sterling.

Read Also: AfDB launches US$2bn 1.625% Global Benchmark bond

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.

In the socially responsible investment arena the Bank 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.

AfDB 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 regional organisation 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.

AfDB’s Board Approves $10.4bn Borrowing Program for 2021