This archive report was first published on 21 November 2021.
Published on November 21, 2021, the National Treasury has outlined plans to issue a KSh 105.6 billion sovereign bond in the next fiscal year, as part of the net external budget deficit financing amounting to Sh363 billion in the 2022/2023 fiscal year.
The Treasury aims to tap into green financing by issuing the first Sovereign Green Bond to finance green and climate-related projects and programmes, building on the development of the green bonds market over the last three years.
Kenya has already issued four Eurobonds in the last seven years, netting a total of KSh 880 billion ($7.85 billion), with the latest being the $1 billion (KSh 112 billion) raised in June this year.
The National Treasury has developed a Kenya Sovereign Green Bond Framework, and will spearhead an accelerated development of bankable funding proposals and accreditation of entities to increase mobilization to finance climate from the Green Climate Fund (GCF).
