100 million to the West African Development Bank (BOAD): The Italian Climate Fund subscribes the first ever hybrid bond for climate change mitigation issued by a multilateral bank

EQS-News: / Key word(s): Bond 100 million to the West African Development Bank (BOAD): The Italian Climate Fund subscribes the first ever hybrid bond for climate change mitigation issued by a multilateral bank 05.08.2024 / 09:00 CET/CEST The issuer is solely responsible for the content of this announcement.

 

100 million to the West African Development Bank (BOAD): The Italian Climate Fund subscribes the first ever hybrid bond for climate change mitigation issued by a multilateral bank

 

The funds will be used to build and rehabilitate infrastructure for the production of electricity from renewable sources

ROME, Italy, August 5, 2024/APO Group/ -- The funds will be used to finance projects in the renewable energy sector aimed at mitigating climate change; The initiatives will be targeting the eight West African countries that hold equity in BOAD (www.BOAD.org): Benin, Burkina Faso, Côte d’Ivoire, Niger, Senegal, Togo, Mali, and Guinea-Bissau.

A €100 million operation to finance projects addressing climate change mitigation in West Africa through the subscription of the first hybrid bond issued by a multilateral bank with this exclusive purpose. This is outlined in the agreement signed by the Italian Climate Fund, managed by Cassa Depositi e Prestiti (CDP) on behalf of the Ministry of Environment and Energy Security (MASE), and the West African Development Bank (BOAD), a multilateral development bank of the West African Economic and Monetary Union countries (WAEMU).

Specifically the agreement, which was signed today at the headquarters of Cassa Depositi e Prestiti in the presence of Edmondo Cirielli, Deputy Minister of Foreign Affairs and International Cooperation; Serge Ekue, President of BOAD; and Dario Scannapieco, CEO of CDP, involves the subscription by the Climate Fund of a hybrid bond amounting to €100 million, issued by BOAD. The funds will be used to build and rehabilitate infrastructure for the production of electricity from renewable sources, in order to diversify the energy mix, avoid CO2 emissions and reduce energy production costs, thus contributing to the achievement of several UN Sustainable Development Goals (SDGs), especially SDG7 (“Affordable and Clean Energy”), in the WAEMU Member Countries: Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali,  Niger, Senegal, e Togo.