African Development Bank issues AUD 50 million 10-year “Light up and Power Africa” ​​Kangaroo by March 2033 | African Development Bank

The African Development Bank, rated Aaa/AAA/AAA/AAA (Moody’s/S&P/Fitch/Japan Credit Rating, all stable), today issued an AUD 50 million 10-year “Light up and Power Africa” ​​Kangaroo , due March 8, 2033. The new issue was arranged by TD Securities and sold to a single Japanese investor, Fukoku Mutual Life Insurance Company.

The funds raised by the African Development Bank through this transaction will be allocated on a best effort basis to loan projects aimed at “Light up and Power Africa”, subject to and in accordance with the Bank’s lending standards. With this investment, Fukoku Mutual Life Insurance Company aims to support the bank’s initiatives in the energy sector and contribute to the development and implementation of specific clean and renewable energy solutions across Africa. The investment will also contribute to the High 5 target of universal access to electricity on the continent by 2025.

Africa’s electricity access rate is just over 48%, the lowest in the world. 90% of Africa’s primary schools lack electricity, while 900 million people lack access to clean cooking solutions, resulting in an estimated 600,000 deaths per year from indoor air pollution resulting from the use of firewood for cooking.[1]

Access to energy is crucial not only for achieving health and education outcomes, but also for lowering the cost of doing business and for unlocking economic potential and creating jobs. Access to energy for all is therefore one of the main drivers of inclusive growth, as it creates opportunities for women, youth and children in both urban and rural areas. In addition, access to clean and renewable energy is critical to achieving sustainable economic development.

Summary Conditions of the Bond: