The African Development Bank (AfDB), rated Aaa/AAA/AAA/AAA (Moody’s/S&P/Fitch/Japan Credit Rating, all stable), on Thursday , issued an AUD 50 million 10-year “Light up and Power Africa” Kangaroo due 8 March 2033.
The new issuance was arranged by TD Securities and sold to a single Japanese investor, Fukoku Mutual Life Insurance Company.
The funds raised by the African Development Bank through this transaction, will be allocated on a best-efforts basis to lending projects which aim to “Light up and Power Africa”, subject to and in accordance with the Bank’s lending standards.
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Through this investment, Fukoku Mutual Life Insurance Company aims to support the Bank’s initiatives in the energy sector and contribute to the development and deployment of specific clean and renewable energy solutions across Africa. The investment will also contribute to the High 5 ultimate goal of universal electricity access on the continent by 2025.
Electricity access rate in Africa stands at just over 48%, the lowest in the world. 90% of Africa’s primary schools lack electricity, while 900 million people have no access to clean cooking solutions, resulting in an estimated 600,000 deaths each year, due to indoor air pollution associated with the use of fuel wood for cooking.
Access to energy is crucial not only for the attainment of health and education outcomes, but also for reducing the cost of doing business and for unlocking economic potential and creating jobs.
Energy access for all is therefore one of the key drivers of inclusive growth as it creates opportunities for women, youth and children in both urban and rural areas. Moreover, access to clean and renewable energy is critical to achieving sustainable economic development.
