Kenya has closed its first evergreen bond today worth 4.3 billion Kenya shillings with support from the United Kingdom. The bond will raise funds to help provide 5,000 university students with environmentally friendly and affordable housing.
Speaking at the event, British High Commissioner to Kenya Jane Marriott said Britain will continue to support Kenya in climate finance and will be at the forefront in trying to come up with a long lasting solution that is people centered to deal with the issue of climate change. Principal Secretary at the Ministry Of National Planning and Treasury Dr. Julius Muia also says that it is high time the region finds innovative ways of pooling funds together and funding green projects. Speaking on behalf of the Central Bank, Gerald Neama said green bonds are a step in the right direction towards transforming kenya into a green economy.
The bond, a first in East Africa has been termed as a milestone that will enable Kenya’s transition to low carbon economy.