The African Development Bank (AfDB) has raised $3 billion in a three-year bond to help alleviate the socio-economic impact of COVID-19 pandemic on livelihoods and Africa's economies.
The "Fight Covid-19 Social bond," which is the largest Social Bond ever launched in international capital markets to date and the largest US dollar benchmark ever issued by the bank, was supported by central banks and official institutions, bank treasuries, and asset managers, including Socially Responsible Investors, with bids exceeding $4.6 billion.
The development finance institution will pay an interest rate of 0.75% on the debt instrument.
This was contained in a news report circulated by Africa Press Organisation (APO) Group.
The bank's President, Dr. Akinwumi Adesina, said the African Development Bank is taking bold measures to support African countries.