The African Development Bank (AfDB) has awarded a grant of $400,000 (nearly 240 billion CFA francs) to Benin’s Ministry of Economy and Finance to diversify and enhance the mobilization of products from sustainable bond markets.
The technical support, part of Benin’s national development and green transition plans, was approved on July 23 in Abidjan by the Fund for the Development of Capital Markets.
The project aims to diversify capital market products by updating the bond issuance framework related to the Sustainable Development Goals (SDGs) and expanding thematic bonds, including green, blue, and social bonds.
It will also assist Benin in developing a long-term investment strategy focused on climate and green growth, further supporting the country’s green transition efforts.
Benin’s Minister of Economy and Finance, Romuald Wadagni, highlighted that this initiative will strengthen the country’s long-term financing ecosystem and foster innovation in sustainable finance.
Benin has already made significant strides in financial innovations, particularly through the issuance of its inaugural Eurobond linked to SDGs, and is committed to furthering sustainability in the burgeoning sustainable bond markets.
Report by Adaze Omonuwa