WorldStage Newsonline– African Development Bank has announced the issuing of its second “Feed Africa” bond for CAD 60 million, sold to Japan Post Insurance Co., Ltd., the sole investor in the transaction, with Citigroup Global Markets Limited acting as the arranger and lead manager of the transaction.
According to a statement, as part of its high five priorities, the AfDB said it adopted a “Feed Africa” Strategy for Agricultural Transformation in Africa 2016-2025, investing US $24 billion over ten years to help end extreme poverty; eliminate malnutrition; end dependency on food imports, and move Africa to the top of the value chains in its areas of comparative advantage.
“The Bank will make its best efforts to direct an amount equal to the net proceeds of the issue of notes to lending projects that aim to Feed Africa”, subject to and in accordance with its lending standards. Note proceeds will be included in the Bank’s ordinary capital resources and used for its general operations in accordance with the Agreement establishing the African Development Bank,” the statement said.
