August 2021 saw the sale of West Africa’s first green corporate bond, and more are anticipated to follow as financial advisers and firms promote the asset class in an effort to draw more investment into the region.
According to Kadi Fadika-Coulibaly, managing partner of Hudson & CIE – the company who organized the deal – the $17.8 million bond was issued by property developer Emergence Plaza, which owns the Cosmos Yopougon retail complex in Abidjan.
With only $3.96 billion in green bonds raised in Africa to date, compared to the $300 billion raised internationally, the bond sale marks a significant step towards meeting rising demand for finance to combat climate change. According to the Climate Bonds Initiative, which promotes the issuance of such debt, non-financial enterprises had only generated $64 million prior to the Emergence Plaza sale.
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