World Bank's IFC issues first green bond in South Africa - CNBC Africa

World Bank's IFC issues first green bond in South Africa

Southern Africa

by Reuters 0

PHOTO: World Bank

The International Finance Corporation (IFC), a unit of the World Bank, issued on Wednesday its first South African rand-denominated green bond, raising around $71 million for climate-friendly investments in emerging markets.

The nine-year 1 billion rand paper was issued at a yield of 8.72 percent and marked the first time a green bond has been issued in South Africa by a multilateral institution.

The IFC, founded in 1956, has previously issued similar bonds in Chinese and Indian currencies. The World Bank unit said it expected its total green bond issuance to top $10 billion by 2020 from around $4.5 billion now.

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