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Oliver Kazunga, Senior Business Reporter

THE African Development Bank (AfDB) is targeting to raise US$10 million in 2022 from capital markets through a borrowing programme, which will boost its operations.

The regional financier is active in various international capital markets including the United States dollar, Euro, Australian dollar and the British pound.

“The 2022 borrowing programme of AfDB was approved on December 14th by the board of directors for up to US$10 billion to be raised from the capital markets,” said AfDB in a latest statement.

The bank said it will continue to consolidate its environmental, social and governance (ESG) footprint through issuance of green and social bonds, which this year included its first ever social bond.

The regional financier has also used its ‘High 5’ strategic priorities as a platform to issue 29 theme bonds, including Integrate Africa, Feed Africa, Improve the Quality of life for the People of Africa, Industrialize Africa and Light Up and Power Africa.

“The bank will continue to promote the development and deepening of African capital markets through the issuance of local currency-denominated debt to facilitate the financing of its local currency operations, alongside other initiatives,” it said.

AfDB is rated triple-A by all the major international rating agencies, with a stable outlook, and is also rated by the ESG rating agencies.