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Bank, which could create Africa’s largest retail lender by customers
with the takeover of Diamond Bank Plc, plans to sell the country’s first
corporate green bond to fund environmental projects, a person with
knowledge of the matter told Bloomberg.
The bank
planned to raise about N15bn ($41m) in the first quarter for
climate-related funds and programmes, the person said, asking not to be
identified because the talks were private.
The
Federal Government sold the country’s first green bond worth N10.7bn in
2017 and plans to raise as much as N150bn by 2021, according to the Debt
Management Office.
A green bond is a bond specifically earmarked to be used for climate and environmental projects.
Nigeria,
Africa’s biggest oil producer, has green bonds as part of the plans to
cut emissions and meet its obligations to the Paris agreement on the
environment.
The
Securities Exchange Commission and the FMDQ OTC Securities Exchange
launched the Nigerian Green Bond Market Development Programme last year
to encourage private companies to sell climate-related debts.
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