Category: News

FSDAi Nyala Facility Extends $1mn to WIC Capital to Boost Gender Lens Investing

FSDAi Nyala Facility BV has extended a USD 1 million loan to WIC Capital, a local capital provider investing in Senegal and Côte D’Ivoire that focuses on financing women-owned and managed Small and Growing Businesses (SGBs).

WIC Capital is led by Ms. Evelyne Dioh Simpa, a Fund Manager with a wealth of finance experience and supported by a robust team and board.

WIC Capital has a strong alignment with FSDAi Nyala Facility due to its unwavering commitment to promoting access to finance for female owned SGBs needed to expand their businesses.

For example, in Senegal, a mere 3.5% of women entrepreneurs access credit from financial institutions.

WIC Capital focuses exclusively on investing in businesses owned and/ or led by women, demonstrating that the financing gap for female-owned enterprises in West Africa can be addressed.

Furthermore, WIC Capital stands out for its innovative product structures tailored to local SGBs.

Notably, its origins in an exclusive women’s angel network, adds to its uniqueness within the FSDAi Nyala Facility portfolio, making it an invaluable learning opportunity for all investors in the small and growing businesses investing ecosystem.

Women entrepreneurs in Africa not only encounter challenges when it comes to access to finance but also grapple with the scarcity of platforms offering the essential knowledge and assistance required for the expansion of their businesses.

WIC Capital works with early-stage, women-owned/ led enterprises to provide first-time external capital as well as business training and mentorship.

Also, WIC Capital leverages a large network of successful women entrepreneurs and civic leaders to co-fund and support these emerging businesses.

The business training and mentorship is provided by the WIC Académie through a technical assistance program.

Alongside the women’s angel network, other funders of WIC Capital include foundations, multilateral donor agencies, and development financial institutions.

Through its investment in WIC, FSDAi is backing an African women-led capital allocator with deep local angel networks, a creative funding structure and financing solution for small and growing businesses in West Africa. With our investment, WIC can position itself to attract bigger pools of capital to expand its strategy in Senegal and Cote d’Ivoire,” noted Anne-Marie Chidzero, Chief Investment Officer at FSD Africa Investments.

I am proud that the UK is investing US$1 million in WIC Capital through Financial Sector Deepening Africa Investments. I have seen first-hand WIC Capital’s inspiring work and know that they are a deeply impact-focused organisation. They support young female entrepreneurs in a market where access to funding is a huge barrier for their growth. At the heart of building sustainable and inclusive businesses lies the need to advance gender equality through women’s economic empowerment. I look forward to continuing our collaboration to create jobs and empower Senegal’s talented women,” noted Juliette John, UK Ambassador to Senegal. 

FSDAi is playing a critical role in the development of an emerging asset class of small business growth funds Africa, particularly women-led funds. The funding of WIC Capital represents an important confirmation of WIC’s innovative approach to financing early-stage women businesses in West Africa.  By melding their business development services, women investment club mentoring with investment capital, WIC provides a comprehensive approach to the challenges that to date have constrained Africa’s women-led businesses to growth and thrive.  We believe this commitment will be the foundation upon which other DFIs and local institutional capital holders can also provide funding to WIC Capital and other innovative local capital managers seeking to invest in Africa’s women businesses,” noted Drew von Glahn, Executive Director of the Collaborative for Frontier Finance.

WIC Capital’s mission aligns with FSDAi’s desire to address the disfunctions of African capital markets, which include the structural barriers that small businesses face in accessing financing, specifically when they are women led. This partnership will be catalytic in the development of a local capital provider that has the potential to profoundly change the local ecosystem, by providing risk capital and business support to women led small and growing businesses (SGBs), with the ultimate goal of increasing women’s agency and economic benefit. With this investment, we are closing our first fund, and we believe this partnership will help accelerate the mobilization of our second fund to serve SMEs generating a strong impact in Senegal and Côte d’Ivoire,” concluded Evelyne Dioh, Managing Director of WIC Capital.

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TDB Group and FSD Africa Collaborate on Project Preparation Facility for Climate Action Projects in Africa

The Eastern and Southern African Trade and Development Bank Group (TDB Group) and Financial Sector Deepening Africa (FSD Africa), are pleased to announce a new partnership on the sidelines of COP28 to accelerate the implementation of climate action projects across the continent.

In 2022, TDB launched Class C Green + shares, an innovative equity instrument that provides a pathway for institutional investors to contribute to climate action and SDGs with risk capital, leveraging each dollar invested four times into qualifying projects and transactions.

However, the challenge of lack of bankable green projects persists. To address the latter, TDB Group has set-up a project preparation facility for climate action projects which FSD Africa will strengthen through technical assistance support under this agreement. More specifically, FSD Africa will support the Group through expert services to expand its lending pipeline in line with its Climate Finance Strategy and Green Taxonomy, enable aligned projects to reach financial closure, as well as to continue mobilizing new climate-themed capital to deploy.

Expanding the pipeline of green projects is indeed a priority for TDB Group to meet its commitments in supporting its member states to address climate mitigation and adaptation needs, as well as to create additional opportunities for further investments in Class C Green + shares and deploy available climate-themed funding.

Mary KamariTDB Group Corporate Affairs and Investor Relations Executive said, “TDB Group has been positioning itself to accelerate the financing of climate action through its Trade and Development Fund (TDF), where a project preparation facility was set-up. We are pleased to enter into this agreement with a likeminded partner like FSD Africa which will extend valuable capacity support towards our vision to advance climate action in the region.”

Mark Napier, the CEO of FSD Africa said, “Multilateral Development Banks are an important part of the financing ecosystem in Africa. Our partnership with TDB Group will increase project pipeline opportunities, and avail innovative financing instruments and structures to attract institutional capital for Africa’s sustainable development priorities. We are pleased that two African institutions are collaborating on solutions for Africa’s climate financing gap.”

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TDB Group and FSD Africa Collaborate on Project Preparation Facility for Climate Action Projects in Africa

The Eastern and Southern African Trade and Development Bank Group (TDB Group) and Financial Sector Deepening Africa (FSD Africa), are pleased to announce a new partnership on the sidelines of COP28 to accelerate the implementation of climate action projects across the continent.

In 2022, TDB launched Class C Green + shares, an innovative equity instrument that provides a pathway for institutional investors to contribute to climate action and SDGs with risk capital, leveraging each dollar invested four times into qualifying projects and transactions.

However, the challenge of lack of bankable green projects persists. To address the latter, TDB Group has set-up a project preparation facility for climate action projects which FSD Africa will strengthen through technical assistance support under this agreement. More specifically, FSD Africa will support the Group through expert services to expand its lending pipeline in line with its Climate Finance Strategy and Green Taxonomy, enable aligned projects to reach financial closure, as well as to continue mobilizing new climate-themed capital to deploy.

Expanding the pipeline of green projects is indeed a priority for TDB Group to meet its commitments in supporting its member states to address climate mitigation and adaptation needs, as well as to create additional opportunities for further investments in Class C Green + shares and deploy available climate-themed funding.

Mary KamariTDB Group Corporate Affairs and Investor Relations Executive said, “TDB Group has been positioning itself to accelerate the financing of climate action through its Trade and Development Fund (TDF), where a project preparation facility was set-up. We are pleased to enter into this agreement with a likeminded partner like FSD Africa which will extend valuable capacity support towards our vision to advance climate action in the region.”

Mark Napier, the CEO of FSD Africa said, “Multilateral Development Banks are an important part of the financing ecosystem in Africa. Our partnership with TDB Group will increase project pipeline opportunities, and avail innovative financing instruments and structures to attract institutional capital for Africa’s sustainable development priorities. We are pleased that two African institutions are collaborating on solutions for Africa’s climate financing gap.”

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Report reveals 62% of African GDP reliant on nature services

A recent report by The African Natural Capital Alliance (ANCA) during their co-session with FSD Africa at COP28 reveals critical insights into the exposure of African countries to nature-related risks.

  • 62% of African GDP is dependent on nature services, with 70% of sub-Saharan African communities relying on forests and woodlands for their livelihoods.
  • The reliance on nature services poses significant risks for many African countries due to climate change, deforestation, and degradation of ecosystems.
  • The report urges the African financial sector to foster sustainable financial practices and take proactive measures to address these risks.

According to the report “Nature Stress Testing: Exposure to Nature-Related Risks Across Africa”, 62% of African GDP is dependent on nature services, and 70% of communities in Sub-Saharan Africa rely on forests and woodlands for their livelihoods.

The report stated that the reliance on nature services poses significant risks for many African countries due to climate change, deforestation, and degradation of ecosystems. In addition, the report’s findings hold significant implications for financial regulators and private financial institutions across the continent, as their financial systems and portfolios are likely exposed to similar levels of risk.

With the African financial sector gaining momentum, the report emphasised a growing need for proactive measures to address nature-related risks and opportunities. The stress test explores different nature transition pathways and their potential impact on the profits of businesses across these economies. It identifies how these pathways could create knock-on risks for the financial sector, emphasising the need for proactive measures.

The report specifically assesses the exposure of the African banking sector to nature-related risks, offering consolidated findings from a nature stress testing exercise conducted in five African countries [Ghana, Mauritius, Morocco, Rwanda and Zambia]. These findings hold significant implications for financial regulators and private financial institutions across the continent, as their financial systems and portfolios are likely exposed to similar levels of risk.

According to the report, If current policies and business practices persist, some countries may face substantial nature-related physical risks, especially in sectors like agriculture. The World Economic Forum also estimates that $44 trillion of global economic value creation intrinsically relies upon while also degrading natural capital, with $195 billion being the estimated yearly loss of natural capital in Africa.

To address these risks, the report urges the African financial sector to take steps to foster sustainable financial practices. So far, 16 private financial institutions across seven countries are currently piloting or in the process of piloting the Taskforce for Nature-related Financial Disclosures (TNFD) framework.

The ANCA report provides valuable insights into the challenges and opportunities faced by African economies as they grapple with the impact of nature-related risks. By working together, financial regulators, private financial institutions, and other stakeholders can take proactive measures to address these risks and foster nature-positive African economies.

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Mauritius Commercial Bank (MCB) Capital Markets advises EnVolt on its inaugural Green Project Bond issue

MCB Capital Markets, the Investment Banking, Asset Management and Principal Investments arm of MCB Group (www.MCBGroup.com), has advised EnVolt on its inaugural issue of MUR 510m (USD 11 million) Green Project Bonds under its MUR 2 billion (USD 45 million) Multicurrency Green Bond programme.

EnVolt, the renewable energy development arm of ENL Group (“ENL”), a diversified investment holding company in Mauritius, is engaged in the construction of 13 solar roof and ground mounted facilities across the island with an aggregate capacity of 14 MWh and an estimated project cost of MUR 680 million (USD 15 million).

The issuance represents a major milestone for the Mauritian debt capital markets. It is the first time that a renewable energy project is financed by a bond issue. It is also the first Green Project Bond issued under the Green Bond Principles 2021 of the International Capital Market Association (ICMA). In line with the FSC Guidelines and international best practices, ENL’s Green Bond Framework was independently reviewed by Morningstar Sustainalytics. FSD Africa, the UK’s financial sector development organisation, provided technical support on the bond programme, as part of its wider Green Bonds programme.

The bond, which was rated by CARE Ratings Africa, raised fixed rate financing in Mauritian Rupees with a tenor of up to 17 years and attracted a broad investor base comprising banks, asset managers and pension funds. MCB Ltd was the largest investor in the bonds.

The project aligns seamlessly with and contributes to the Mauritian government’s ambition to achieve 60% renewable energy production by 2030. As the foremost banking group in Mauritius, MCB fully endorses this initiative, which endeavours to accelerate the country’s transition towards renewable energy. MCB is committed to supporting the transition to a circular and greener economy in line with Mauritius’ Nationally Determined Contribution (NDC), and to fostering local production.

Gilbert Espitalier-Noel, CEO ENL Group, said: “Our group positions itself as a major player in the renewable energy sector. Our initiatives align with the national strategy to produce up to 60% of Mauritius’ energy needs from renewable sources by 2030. Our green bond program will finance the expansion of our production capacity and enable us to contribute significantly to improve the country’s energy mix and energy security.”

Rony Lam, CEO MCB Capital Markets, said: “We are proud to have advised EnVolt on this landmark transaction, which sets international standards for the issuance of Green Project Bonds in Mauritius. This transaction reflects the rapid development of the local currency bond market over the past eight years. The deployment of local resources to finance the domestic economy and infrastructure projects is vital to the development of the African continent.”

Mark Napier, CEO FSD Africa, said: “FSD Africa is pleased to have supported everyone involved in this historic green bond issuance by EnVolt, which we hope sets a precedent for further such transactions not only in Mauritius but across the wider SADC region, building the strength of domestic African capital markets and, crucially, delivering financing routes for vital energy transition projects, which can accelerate Africa’s energy and climate security.”

Charlotte Pierre, UK High Commissioner to Mauritius, said: “International bond markets remain among the most effective and good value options for financing energy transition and major infrastructure investment programmes. We hope that many more African countries will follow the Mauritius example.”

Distributed by APO Group on behalf of The Mauritius Commercial Bank Ltd (MCB) Group.

About EnVolt:
EnVolt Limited is a subsidiary of ENL Group (“ENL”), a diversified investment holding company based in Mauritius. With over 100 subsidiaries and total assets totalling in excess of USD 2bn, the company has been a major player in the Mauritian economy since 1821. EnVolt Limited has a broad objective of developing and implementing ENL’s renewable energy initiatives. The Company, which has been operating since 2018, owns and operates 10 solar farms with a capacity of 4.1 MW under the Medium-Scale Distributed Generation 1 scheme of The Central Electricity Board of Mauritius.

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African Development Bank approves $10 million investment in Dhamana Guarantee Company Limited, East Africa

ABIDJAN, Côte d’ivoire, 21 November 2023 -/African Media Agency(AMA)/-The Board of Directors of the African Development Bank Group has approved a $10 million equity investment in Dhamana Guarantee Company Limited to support the use of capital markets as an alternative source of long-term funding for infrastructure and the real sector in East Africa.

Dhamana will be domiciled in Kenya as a limited liability company with a regional mandate to provide credit guarantees on debt capital market instruments. The Bank Group’s financing will enable Dhamana to issue guarantees for debt instruments. These local currency bonds are intended to boost the credit rating of the instruments to crowd in investment from pension funds, insurance companies and sovereign wealth funds to finance infrastructure and the real sector in East Africa.

The Bank, together with InfraCo Africa (part of the Private Infrastructure Development Group), Financial Sector Deepening Africa, and local institutional investors and other partners, will be supporting the operationalization of Dhamana.

Dhamana  will support access to financing for key sectors including transport, water, renewable energy, and waste management, among others. Dhamana is committed to catalyze financing to assist the scale-up of green and sustainable financing into East Africa. Its credit guarantee activities should provide investors with the necessary comfort to support the allocation and intermediation of pools of private institutional investors’ funding into infrastructure.”

Nnenna Nwabufo, African Development Bank Director General for the East Africa region, said, “The African Development Bank is pleased to continue to support the operationalization of innovative solutions such as those provided by Dhamana to unlock and channel long-term local currency funding towards the real sector.

PIDG’s CEO, Philippe Valahu, said, “African Development Bank joining PIDG marks a significant milestone for the Dhamana Guarantee Company. This additional equity will allow Dhamana to further mobilise significant untapped pools of domestic institutional capital into East Africa’s real economy, such as new green infrastructure, and providers of credit to individuals and businesses. We are committed to catalysing the development of domestic capital markets in Africa, as we seek to unlock investment for bankable, climate-resilient projects to be delivered with the scale and urgency required to meet the challenges of climate change and welcome the support of African Development Bank in Africa to help achieve this goal.

Ahmed Attout, African Development Bank Acting Director for Financial Sector Development, said: “The Bank’s support for Dhamana shows the catalytic role and potential of guarantee companies in leveraging opportunities for real sector and infrastructure financing in local currency and local corporate debt capital markets deepening in the East Africa region. The investment in Dhamana follows the Bank’s priority to mobilize institutional financing for infrastructure investment in East Africa.”

The Bank’s partnership with Dhamana advances several strategic objectives including to help stimulate local currency debt market financing across diverse infrastructure sectors and enhancing economic diversification and competitiveness in the region. The intervention also aligns with the Bank’s priorities to promote regional integration including through improved infrastructure development, promotion of inclusive and sustainable industrialization, and fostering innovation.

The investment aligns with African Development Bank strategic efforts, in collaboration with development partners, including PIDG, to operationalize credit enhancement companies in selected Regional Member Countries.

Distributed by African Media Agency (AMA) on behalf of African Development Bank.

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NIC collaborates with FSDAfrica to digitize Ghana’s insurance sector

The National Insurance Commission (NIC) has partnered with the Kenyan-based Financial Sector Deepening (FSD) Africa to modernize and improve the insurance sector in Ghana.

This partnership aims to digitize the sector, making it more accessible to the citizens of the country.

During a press briefing on the InnoLab InsurTech by FSD held on Friday, October 27, 2023, in Accra, the Acting Commissioner of the NIC, Michael Andoh, explained that this initiative is a response to the increasing digitization of various aspects of life.

Currently, only about 7 million Ghanaians are registered with the National Insurance Commission.

“Life is becoming increasingly digitized, and virtually everything is moving online. People live and transact on the internet.

“Therefore, the insurance industry also needs to embrace this technological revolution to ensure its continued existence,” he stated.

Elias Omondi, a representative of FSD Africa, emphasized that the initiative aims to bring about positive change.

“As FSD Africa, we aim to make finance work for Africa’s future. We assess the needs of the people, considering the environments they live in, and focus on supporting change agents who can drive the necessary changes.

“We have already supported more than twelve innovators in Ghana and continue to support innovators to help create the change and resilience that Ghana truly needs,” he explained.

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Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.

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Prudential pens commitment that ups its contribution to climate action

Leading insurer Prudential plc has taken its climate action drive a notch higher by signing the Nairobi Declaration on Sustainable Insurance (NDSI). The NDSI is a collaborative effort by the insurance industry to provide broader solutions to the climate change challenge.

The signing of the declaration continues Prudential’s journey of confronting climate change. The insurer has in the past embraced various initiatives as it bids to cut its own carbon footprint while supporting its customers and nations to tackle climate change.

The Nairobi Declaration on Sustainable Insurance

Prudential signed the NDSI on September 5 at the FSD Africa and Private Infrastructure Development Group (PIDG) cocktail on the side-lines of the Africa Climate Summit 2023 in Nairobi. Prudential Africa Chief Executive Officer, Emmanuel Aryee Mokobi, accompanied by his Deputy Nick Holder; Marketing and Communications Advisor for Africa, Janice Kemoli; and Head of Enterprise Risk Management for Africa, Roelof Coertze, graced the occasion.

While commenting on this, Mr Mokobi emphasised the firm’s commitment to being a voice for a just and inclusive transition to clean energy in emerging markets in line with the companies ESG obligations

According to the UN Environment Programme’s Principles for Sustainable Insurance, the NDSI is “a declaration of commitment by African insurance industry leaders to support the achievement of the UN Sustainable Development Goals.”

UNEP describes the SDGs as “a shared vision to end poverty, rescue the planet, and build a prosperous and peaceful world”.

But, adds the UN agency in the NDSI introduction: “While progress is being made in many places, action to meet the SDGs is not yet advancing at the speed or scale required…”

This is where financial sector players such as Prudential, come in.

The NDSI document points out that, “as risk managers, insurers and investors, the African insurance industry has a key role to play in promoting economic, social and environmental sustainability—in other words, sustainable development.”

5 pillars

The NDSI is based on five pillars. These are: Risk Management; Insurance SDGs; Investment in a net-zero emissions economy; Policy, regulatory and industry engagement; and Promotion of the adoption and implementation of the four Principles for Sustainable Insurance across African insurance markets.

Mr Mokobi adds that Prudential will “collaborate within the working groups to ensure that together, we achieve the goals of NDSI and push our common agenda.” He notes that the NDSI builds on the work of the UN-convened Net-Zero Asset Owner Alliance (NZAOA), where Prudential has been a member of since 2021.

Net-zero by 2050

Prudential is committed to decarbonising its portfolio of assets to net-zero by 2050 and having carbon neutral operations by 2030. Its climate targets include decarbonising its operations and its investments, and engaging with its investees. Notably, 99 percent of the Group’s carbon footprint is from financed emissions.

Mr Mokobi explains that Prudential’s pursuit of its net zero target by 2050 adheres to a principle that the firm values. The insurer is keen to hit its set target while ensuring a just and inclusive transition in the markets it operates in, including emerging ones in Asia and Africa.

Prudential champions the acceleration of de-carbonisation in the emerging markets it operates in, highlighting that such markets may need different de-carbonisation pathways to developed markets. This is in line with its environmental, social and governance (ESG) obligations.

Mr Mokobi appreciates that the financial industry can play an important role in accelerating the energy transition. He says an enabling environment will be crucial in unlocking the insurance sector’s ability to mobilise transition finance.

Transition finance

For emerging markets, raising adequate transition finance is a big challenge – a major barrier to sustainable development for sectors and entire economies.

In 2019 and 2020, an estimated $11.4 billion was committed to climate adaptation finance in Africa. More than 97 percent of the funds came from public actors and less than three percent from private sectors. This is significantly less than the $52.7 billion annually to 2030, it is estimated African countries will need.

To bridge this gap, emerging markets have issued less than 10 percent of all sustainable debts, and majority of this 10 percent is coming from governments. Corporate organisations are not issuing sustainable debt yet.

To support this, Prudential issued a white paper with a threefold purpose. One is to define the case for a just and inclusive transition and its place in meeting the Paris Agreement. Secondly, it highlights the importance that Prudential places on ensuring the transition to a low-carbon economy is just and inclusive. Thirdly, it explores case studies and further actions required, both from Prudential and the wider market. Prudential believes that by using its influence to limit the impact of climate change, its policyholders will benefit, both through reduced impact on their daily lives, and through limiting financial impact on the portfolios it manages for them.

Stronger collaboration

Prudential believes a stronger collaboration between the public and private financial sectors is a crucial element to scale adaptation and resilience finance in Africa and globally. According to Unep’s Adaptation Gap Report 2022, titled Too Little, Too Slow, the estimated annual adaptation needs range from about $160 to $340 billion by 2030.

Making transition finance a reality requires the cooperation of many stakeholders: Regulators, energy firms, central banks, securities exchanges, corporates, and financial institutions, among others.

To add out voice to the importance of collaboration, Prudential Deputy CEO for Africa, Nick Holder, joined other panellists at the UN climate change high level champions dialogue to deliberate on how African insurers, banks, and investors, collaborate with the public sector to scale finance for adoption and resilience in the regions. Mr Holder stressed the need for integrating regulators in the formation of investment instruments, as this would facilitate the process and help in the development of pre-approved or easily accepted investment instrument. He also emphasised the need for Blended Finance with guarantees from Global institutions and Governments to make investment secure.

About Prudential plc

Prudential plc provides life and health insurance and asset management in 24 markets across Asia and Africa. The company’s mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions.

Prudential fully supports the just and inclusive transition to clean energy, and published a White Paper on this last year.

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MAURITIUS: $45 million in green bonds to finance 13 solar power plants

Envolt, a subsidiary of the Mauritian conglomerate ENL, is launching a $45 million green bond programme in Mauritius. The aim is to finance the construction of 13 photovoltaic solar power plants in this island country off the coast of East Africa.

The green bond market is gathering pace in Mauritius. This is thanks to Envolt, a subsidiary of the Mauritian conglomerate ENL, which is launching a 2 billion Mauritian rupee ($45 million) programme. Envolt’s first green bond issue is for 510 million Mauritian rupees, or $11.5 million.

The programme is expected to run until 2028. The proceeds of the green bonds will be used to finance the construction and operation of 13 solar photovoltaic parks with a combined capacity of 14.4 MWp. The plants in Mauritius will be completed over a period of 10 to 17 months. According to the UK-based finance company FSD Africa, which is backing the deal, the issue represents an important milestone for the Mauritian renewable energy sector, as well as for the country’s capital markets, as it is the first green bond issue to finance clean energy in Mauritius.

In addition, “these green bonds will be the first of their kind issued in Mauritius under the 2021 Green Bond Principles (as devised by the International Capital Market Association [ICMA]), which are aligned with global standards and combat greenwashing by requiring rigorous assessment of projects and their respective environmental or emissions claims,” says FSD Africa.

The Envolt transaction is being advised by MCB Capital Markets, an investment bank based in Port Louis, Mauritius. It is part of the Southern African Development Community (SADC) Green Bond Programme supported by FSD, which runs until March 2024. Mauritius’ participation in this programme will accelerate the maturity and expansion of the Mauritian capital markets and advance the country’s efforts to attract private investment.

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