Nairobi -based property developer Acorn Holdings issued Nairobi 's first green bond, raising $ $267 billion m to build climate-resilient student accommodation in the capital. the Green Bonds Programme , which arranged the deal, announced that much of the interest came from domestic pension funds, commercial banks and insurance firms. Nuru Mugambi, a director at the Kenya Bankers Association, said that green bonds will help protect Kenya from the impact of extreme weather on the agriculture sector, which contributes about one-third of the annual GDP. The bond was priced at an interest rate of 12.25% with a B1 Global rating, according to Reuters , a level above the Kenyan government's B2 rating. Green bonds will help to protect Kenya 's agricultural sector against catastrophic weather incidents, according to the Kenya Bankers Association , with Acorn Holdings designed to unlock the potential of green finance.
Nairobi -based property developer Acorn Holdings issued Nairobi 's first green bond, raising $ $267 billion m to build climate-resilient student accommodation in the capital. the Green Bonds Programme , which arranged the deal, announced that much of the interest came from domestic pension funds, commercial banks and insurance firms. The bond was priced at an interest rate of 12.25% with a B1 Global rating, according to Reuters , a level above the Kenyan government's B2 rating. Green bonds will help to protect Kenya 's agricultural sector against catastrophic weather incidents, according to the Kenya Bankers Association , with Acorn Holdings designed to unlock the potential of green finance.