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In a significant move towards climate action and sustainable development, the World Bank has issued two Sustainable Development Bonds worth EUR 200 million to Bank Al-Maghrib, Morocco’s central bank. These bonds were announced on Monday at the Marrakech World Bank Group – IMF Annual Meetings, marking the first time in half a century that an African country has hosted these annual meetings.
The proceeds from these bonds will be directed towards financing initiatives for resilient food systems, renewable energy, water security, and universal electricity access. They offer fixed-rate annual coupons and are set to mature in 2026 and 2028. The funds will also be used to bolster resilience in drinking water supply and agri-food systems while aiming for positive social and environmental impacts.
The acquisition of these bonds by Bank Al-Maghrib will see them incorporated into its reserves management portfolio. This move underlines Morocco’s strong commitment to driving climate action throughout Africa. It is worth noting that over 90% of new World Bank projects now incorporate climate components, reflecting a global shift towards sustainability and climate resilience.
The Marrakech World Bank Group – IMF Annual Meetings have provided an ideal platform for Morocco to position itself as a leader in promoting climate action. As the first African host of these meetings in 50 years, Morocco has indeed made a significant stride in highlighting its dedication to environmental sustainability and resilience.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Source: Investing.com
