Nairobi - based property developer Green Capital issued Kenya 's first green bond , raising $ 41.45 m to build climate - resilient student accommodation in the capital . In February, new rules were issued in Kenya to guide the green bond issuance. Stanbic Bank , which arranged the deal , announced that much of the financing 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 the Green Bonds Programme designed to unlock the potential of green bonds .
Nairobi - based property developer Green Capital issued Kenya 's first green bond , raising $ 41.45 m to build climate - resilient student accommodation in the capital . Stanbic Bank , which arranged the deal , announced that much of the financing 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 the Green Bonds Programme designed to unlock the potential of green bonds .