This year, the African Development Bank created a new asset class, becoming the first institution of its kind to issue hybrid capital securities. The transaction was in a sustainable bond format and will enhance the bank’s capacity to fund environmental and social projects. BNP Paribas was one of two structuring banks.
Multilateral development banks are being encouraged to find new sources of funding, while being urged to do more to tackle poverty and climate change. With this in mind, the World Bank announced increased collaboration between itself and nine MDBs, including the AfDB, during last year’s IMF meeting in Marrakech, Morocco.
