Development finance institution, the African Development Bank (AfDB) on June 17 announced that capital markets technology company Nasdaq had confirmed its inclusion in the Nasdaq Sustainable Bond Network (NSBN), which is a global and publicly available platform designed to improve transparency in the market for green, social and sustainability bonds.
Ten of the AfDB's bonds were added to the platform, including its landmark $3-billion Fight Covid-19 Social Bond, launched in March, which was the largest social bond ever launched at the time in international capital markets. Fight Covid-19 remains today the largest dollar-denominated social bond. It aims to help alleviate the economic and social impact of the pandemic on livelihoods and Africa’s economies, the AfDB said in a statement.
"By joining the NSBN, socially responsible issuers are provided a unique opportunity to bring attention to their concrete actions in terms of financing climate change and green growth."
“Nasdaq welcomes the inclusion of the AfDB on our NSBN, especially with its Fight Covid-19 Social Bond, launched to alleviate the impact of the pandemic on African economies and livelihoods,” said Nasdaq European Union Bond Listings and Sustainable Debt head and VP Ann-Charlotte Eliasson.
“We are proud to offer visibility to an issuer with such a strong social mandate, which the world needs more than ever, especially in these challenging times," she said.
Since the launch of the NSBN in December, more than 40 issuers from 13 countries have added more than 4 000 bonds to the platform.
“The NSBN platform allows us to showcase our work in combating poverty and in helping move the African continent forward. Our Fight Covid-19 Social Bond is about saving lives and livelihoods,” said AfDB treasurer Hassatou Diop N’Sele.
The AfDB established its social bond framework in 2017, and raised the equivalent of $5.5-billion through five transactions supporting 89 eligible social projects in 28 African countries.
In 2018, AfDB was designated as the second most impressive social or sustainability bond-issuer at Global Capital's Socially Responsible Investment awards and AfDB's NOK1-billion 3-year social bond issued in 2019 was awarded the social bond of the year by Environmental Finance.
The AfDB comprises three distinct entities, namely the AfDB, the African Development Fund and the Nigeria Trust Fund. The institution is on the ground in 41 African countries with an external office in Japan, and contributes to the economic development and the social progress of its 54 regional member States in Africa.