Mwananchi Communication Limited
NMB Bank’s Jasiri a gender bond on Wednesday, March 8, became the first sub-Sahara African bond to
list on the Luxembourg Green exchange (LGE) during the launch of the Luxembourg Women in Finance Charter at the Luxembourg Stock Exchange (LuxSE).NMB Bank, a commercial bank which
was declared the most profitable bank in 2022 said the bond which was launched
in March 2022, is worth Sh74 billion ($32 million).
The objective of the bond is to
afford financing to women-owned micro, small and medium-sized enterprises in
Tanzania, this is the first ever gender bond issued in the East Africa region.
The trailblazing bond by NMB
Bank was 197 percent over-subscribed something that the bank said it showed
great appetite for gender bonds and sets a new benchmark for the continent in
developing financial instruments specifically targeting women’s empowerment.
Commenting on the listing Luxembourg
Minister of Finance Yuriko Backes, who officially launched the Luxembourg Women
in Finance Charter during the International Women’s Day event said the listing
was a milestone.
“This marks an important milestone
for global efforts to promote gender finance and underlines the Luxembourg
Stock Exchange’s pioneering role in helping to drive new and emerging
sustainable financial product,” said Backes
Backes then added: By directing
capital towards initiatives that empower women and advance their participation
in the economy, the financial sector can thus support the unlocking of new
opportunities for growth and innovation to help build a more equitable and
sustainable future for all.”
When it was launched in 2022, Jasiri
bond was the first ever Bond targeting gender empowerment to be offered in the
East African region.
Investors in the NMB Jasiri Bond
will earn an interest rate of 8.5 percent per annum payable quarterly
throughout the three years, until March 2025.
No comments :
Post a Comment