Egypt just won the African 2024 Best Bond Deal award for issuing ¥3.5 billion ($478.7 million) in sustainable Panda bonds.
The news was revealed at the 2024 Bonds, Loans & ESG Capital Markets Africa Awards conference. For funding $533 million worth of environmental, social, and governance (ESG) initiatives, Côte d’Ivoire was named the recipient of the ESG Loan Deal of the Year award.
Egypt became the first African nation to successfully issue a Panda Bond in October 2023. Thanks to partial credit guarantees supported by the African Development Bank Group and the Asian Infrastructure Investment Bank, other African nations now have access to the rapidly expanding Chinese debt capital markets.
The Bank Group supported the mobilization of €533 million in finance for important environmental, social, and governance (ESG) projects in Côte d’Ivoire by offering a partial credit guarantee of €400 million.
Côte d’Ivoire successfully raised long-term funding for affordable housing, health, water and sanitation projects, renewable energy, entrepreneurship, education and vocational training, sustainable agriculture and agro-industry, and financial inclusion thanks to the partial credit guarantee.
