The Guardian
Email YouTube Facebook Instagram Twitter WhatsApp

SCB, World Bank launch first ‘blue bond’

Related

Standard Chartered Plc (SC) and the World Bank Group have partnered to launch the world’s first sovereign “blue bond” for the Republic of Seychelles.

The bond raised $15 million from international investors, which will help expand and protect marine areas, improve governance of priority fisheries and develop the Seychelles’ blue economy.Proceeds from the bond will also contribute to the World Bank’s South West Indian Ocean Fisheries Governance and Shared Growth Programme, which supports countries in the region to sustainably manage their fisheries resources and increase economic benefits from their fisheries sectors.

The World Bank assisted in developing the blue bond and reaching out to the three investors- Calvert Impact Capital, Nuveen, and Prudential, while Standard Chartered acted as placement agent for the bond.

The Chief Executive, Corporate, Commercial and Institutional Banking at Standard Chartered, Simon Cooper, said: “The world’s first sovereign blue bond is a landmark transaction and one in which Standard Chartered is proud to have played a role, in partnership with the World Bank and the Republic of Seychelles.

“Finding innovative ways to mobilise capital to tackle development issues is a priority for us.”Also, the Global Head of Sustainable Finance and Global Head of Public Sector and Development Organisations at Standard Chartered, Daniel Hanna, added: “The Seychelles blue bond will help protect the health of our oceans while developing a blue economy and serves as a powerful example for other countries, highlighting that finance can play a role as an important force for good.”The Seychelles blue bond is partially guaranteed by $5 million from the World Bank.

and further supported by a $5 million concessional loan from the Global Environment Facility, which will partially cover interest payments for the bond.

The launch comes soon after the Group created a new Sustainable Finance team to focus on emerging market sustainable financing and to lead all its business activities in the area.This also follows recent announcements to cease financing new coal fired power plants, explore its role in promoting greater disclosure on emissions and set new science-based emissions targets.


Receive News Alerts on Whatsapp: +2348136370421

No comments yet