Kenya’s Green Bonds Attract Ksh25 Billion from Local Investors

Kenya’s debut sovereign green bond raised Ksh25 billion from local institutional investors in March 2024, surpassing its Ksh20 billion target. The 7-year bond, issued by the National Treasury, will fund afforestation, renewable energy, and climate-resilient infrastructure. Pension funds, SACCOs, and insurers led the uptake, attracted by a 12.5% coupon and ESG alignment. The Capital Markets Authority hailed it as a milestone in sustainable finance. Proceeds will support projects like the Nairobi River rehabilitation and Lake Turkana wind-solar hybrid systems. Kenya is the third African nation after South Africa and Nigeria to issue green bonds, signaling its commitment to green growth under Vision 2030.