Two African Development Bank-supported projects have been recognized at the 2024 Bonds, Loans & ESG Capital Markets Africa Awards conference. A RMB3.5bn ($478.7 million) Sustainability Panda Bond issue by Egypt was awarded Sovereign, Supra & Agency Bond Deal of the Year and a €533m Sustainable Loan to Côte d'Ivoire was named ESG Loan Deal of the Year.
The conference recognises the most innovative, ground-breaking deals from across Africa based on their high-quality execution, effectiveness in tapping new pools of liquidity, and innovative structuring, among other criteria.
In October 2023, Egypt became the first African country to successfully issue a Panda Bond. The African Development Bank and the Asian Infrastructure Investment Bank provided partial credit guarantees to support the issuance, paving the way for other African countries to access fast-growing Chinese debt capital markets.
In Côte d'Ivoire, the Bank Group provided a €400 million partial credit guarantee to support the mobilization of €533 million in financing for strategic environmental, social and governance (ESG) projects. With the partial credit guarantee, Côte d'Ivoire was able to raise long-term financing for projects in sustainable agriculture and agro-industry, water and sanitation, renewable energy, health, affordable housing, education and vocational training, financial inclusion and entrepreneurship.
Ahmed Attout, the Bank Group's Acting Director for Financial Sector Development, said: "These awards serve as a testament to the Bank's unwavering dedication to fostering competitive and sustainable financing solutions that are both efficient and cost-effective. By working hand in hand with the governments of Egypt and Côte d'Ivoire, we have effectively utilized these financial structures to bolster the African Development Bank's initiatives aimed at enhancing the access of our regional member countries to the international debt capital markets."
The Bank Group's collaborative approach not only underscores a commitment to innovative financing but also strengthens the position of its member countries within the global financial ecosystem and paves the way for more inclusive and sustainable economic growth across Africa, Attout said.
Max Magor N'diaye, Bank Group Director for Syndication, Co-financing and client solutions said, "The Bank Group's role in these two transactions highlights our approach to financing development in Africa. Through the issuance of Egypt's Panda Bond, and our strategic partnership with Côte d'Ivoire, we have not only demonstrated the viability of novel financing structures but have also highlighted the critical role of the partial credit guarantee in enhancing the attractiveness of these instruments to international investors."
Click here for a video of Egyptian Vice Minister of Finance Ahmed Kouchouk's reaction to receiving an award for the Panda Bond issue.
