Cape Town -The International Finance Corporation (IFC), a unit of the World Bank, issued on Wednesday its first South African rand-denominated green bond.
The $71 million bond is for climate-friendly investments in emerging markets.
The nine-year 1 billion rand paper was issued at a yield of 8.72 per cent and marked the first time a green bond has been issued in South Africa by a multilateral institution.
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The IFC, founded in 1956, has previously issued similar bonds in Chinese and Indian currencies.
The World Bank unit said it expected its total green bond issuance to top $10 billion by 2020 from around $4.5 billion now. (Reuters/NAN)