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Copperbelt Energy Corp sets date for Zambia’s first green bond

Published

1 year ago

December 5, 2023

Zambia’s first green bond will be issued by Copperbelt Energy Corporation (CEC) at the end of the year.

CEC’s chief executive officer, Owen Silavwe, said in a statement released on the sidelines of the COP28 climate summit that the power company had a $54 million note to be sold as part of a $200 million green bond programme.

As part of the company’s goal to produce 200 MW of renewable energy, the bond proceeds will be used to finance the production of solar energy. Zambia is the second-largest producer of copper in Africa.

The country’s government currently plans to increase copper production from approximately 850,000 metric tonnes to 3 million tonnes annually by 2032. Copper is essential for the shift to a low-carbon economy.

Globally, the popularity of green bonds has increased as financiers and policymakers look for market-driven solutions to address climate change. Additionally, it is a component of a larger financial upsurge associated with environmental, sustainability, and governance (ESG) objectives.

Nonde Sichilima, a director at Zambia’s Securities and Exchange Commission, said in the announcement, “We anticipate that the CEC’s announcement will catalyse the listing of more green bonds as a means of capital raising for green initiatives and contribute towards deepening capital in our country.”

Cygnum Capital was the lead arranger for the CEC’s green bond programme, along with the Emerging Africa Investment Fund, which is owned by six developed country governments, and Private Infrastructure Development Group—in partnership with South African Bank Absa—was the programme’s principal investor.

In December 2022, Zambia finalised the rules for issuing green bonds locally to fund climate-related projects.

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Moroccan annual inflation rises to 0.8% in November

Published

2 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”