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IFC announces anchor investments in Tanzania’s NMB green, social, sustainability bonds
The International Finance Corporation (IFC) announced anchor investments in sustainability bonds issued by Tanzania’s NMB Bank in order to widen access to finance for projects driving green, social and sustainability goals, and to increase access to finance for smaller businesses in the country.
Proceeds from the bonds will finance or refinance a range of projects in Tanzania that will help protect the environment, decrease greenhouse gas emissions, and contribute to socially responsible initiatives, including renewable energy, energy efficiency, sustainable water and wastewater, green buildings, clean transport, and affordable housing projects.
IFC subscribed to almost 16 percent of the Tanzanian shilling and U.S. Dollar-denominated tranches of the multicurrency bond, equivalent in aggregate to $25 million in Tanzanian shillings. The Tanzanian shilling and U.S. dollar bonds, which were issued on November 12 and December 8, respectively, raised $159 million in total. The bonds align with the 2021 Social Bond Principles of the International Capital Markets Association, which prescribe transparent and accurate reporting to stakeholders.
The bonds will also support small businesses participating in qualifying green and social projects, enabling NMB Bank to increase its number of loans extended to MSMEs by almost 50 percent by 2027. IFC anticipates that at least 3,200 new jobs over four years will be created by projects and businesses funded or co-funded by proceeds from the bonds.
“The NMB Sustainability Bonds reflect our wider values as a bank,” said Ruth Zaipuna, CEO of NMB Bank. “We hold strong to our conviction in continuing to grow our business while fulfilling broader development goals in a sustainable manner.”
“IFC is proud to back NMB’s green, social and sustainability bonds issued in Tanzania,” said Mary Porter Peschka, IFC Regional Director for Eastern Africa. “Expanding access for finance for projects and initiatives linked to green and climate-smart development goals will drive inclusive long-term economic growth in the country.”
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