The Development Bank of Rwanda (BRD) PLC has initiated the issuance of its inaugural sustainability-linked bond on the Kigali Stock Exchange. This historic bond issuance, a first for a national development bank worldwide, seeks to raise an impressive Rwf30 billion (approximately $24.8 million) dedicated to supporting the bank’s environmental, social, and governance (ESG) programs in partnership with other lenders.
The seven-year maturity bond represents the first step in a larger strategy aimed at securing a total of Rwf150 billion (equivalent to $124 million) in the medium term. The bond’s proceeds will be directed towards expanding loans extended by BRD and its affiliated financial institutions, particularly to businesses led by women and the financing of affordable housing projects.
Kampeta Pitchette Sayinzoga, the CEO of BRD, emphasized that this innovative bond issuance signifies the bank’s commitment to diversifying its sources of development finance by tapping into the local capital market. The move underscores Rwanda’s dedication to sustainable economic development.
One of the notable aspects of this historic bond issuance is its alignment with sustainability goals. The bond incorporates sustainability-linked features that bind BRD to meet specific performance indicators aligned with Rwanda’s sustainable economic development objectives. This groundbreaking approach further solidifies BRD’s role in driving sustainability within the country.
The bond, which was listed on the Rwanda Stock Exchange, is slated to close on October 13, 2023. Investors and financial stakeholders around the world are closely watching this unprecedented move by BRD, as it could set a precedent for other national development banks globally and pave the way for similar initiatives in the region.
Rwanda, supported by a recent $100 million financing injection from the World Bank’s International Development Association (IDA), is taking significant strides in bolstering access to finance, supporting business recovery, and building resilience in the post-pandemic era. This move signifies a groundbreaking milestone in the ongoing journey toward a more sustainable and economically robust Rwanda.
Photo Source: Dan Nsengiyumva
October 3, 2023
Delino Gayweh
Serrari Financial Analyst
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2023
