African Development Bank aims to raise $8bn in the new year

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The African Development Bank (AfDB) has set a target to raise US$8bn (approximately Sh826bn) in 2018 through its annual borrowing programme.

The bank will tap into capital markets and mobilise resources with the outcome of lending money to member countries within Africa.

“The board of the African Development Bank has approved the regional multilateral 2018 borrowing programme for $8 billion to be raised from capital markets,” announced AfDB in a statement.

“The AfDB will continue to explore the prospects for African currency bonds to facilitate the financing of its local currency operations and promote the development of domestic bond markets across Africa,” it added.

The bank anticipates that it will have access to a variety of markets, following its history of rasing cash in US and Australian dollars, euros, and sterling pounds.

“We have stepped up our profile in international capital markets and will continue to raise funds across the globe to provide cost effective resources to our clients,” reported Hassatou N’Sele, Acting Vice President of Finance and Treasurer of AfDB Group.

AfDB recently initiated a social bond programme that aims to deal with critical development challenges on the continent.