Dar es Salaam, Tanzania – November 7, 2023 – CRDB Bank’s Kijani Bond, the first green bond to be issued in Tanzania, has been oversubscribed by a remarkable 429.55%. The bond, which was launched in August 2023 with the aim of boosting environmental, social, and sustainability projects in the country, was successfully listed on the Dar es Salaam Stock Exchange (DSE) on November 7, 2023.
The Kijani Bond is expected to double trading activities on the DSE, and the funds raised will be used to support green projects in Tanzania, such as eco-friendly industries, green agriculture, and sustainable energy. The oversubscription of the bond is a testament to the growing appetite for green financing in Tanzania, and it is a significant milestone for the country’s sustainable development journey.
“We are delighted with the overwhelming response to the Kijani Bond,” said Abdulmajid Nsekela, Group CEO and Managing Director of CRDB Bank. “This oversubscription is a clear indication of the growing interest in sustainable investment in Tanzania, and it is a vote of confidence in CRDB Bank’s commitment to financing green projects. We are grateful to our investors for their support, and we look forward to using the proceeds of the bond to make a positive impact on Tanzania’s environment and society.”
The Kijani Bond is a five-year bond with a coupon rate of 10.25% per annum. It is open to both institutional and individual investors, with a minimum investment of TZS 500,000. The bond is listed on the DSE and can be traded through brokers.
The Kijani Bond is a significant milestone for the Tanzanian financial sector, and it is a positive development for the country’s sustainable development journey. The oversubscription of the bond is a testament to the growing appetite for green financing in Tanzania, and it is a sign of confidence in the country’s economic future.