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Kenya CMA to float green bonds in order to boost FDI

NAIROBI, (Xinhua) -- Kenya plans to float green bonds in order to boost Foreign Direct Investment (FDI), the capital market regulator said on Tuesday.

Capital Markets Authority (CMA) CEO Paul Muthaura told a media briefing in Nairobi that there is currently a lot of interest among global fund managers on investing in capital markets that offer green bonds.

“We therefore want to position Kenya as a regional hub of green bonds so that it benefit from funds that invest in sustainable business causes,” Muthaura said.

The East African nation is currently putting in place guidelines that will define what constitutes a green bond.

The legal framework will be a joint effort of the Kenya Bankers Association as well as the Nairobi Security Exchange.

The CEO said that the green bond will enable Kenya to meet some of its international commitments on reducing green house gas emissions.

Last year, Kenya signed the Marrakech Action Proclamation on Climate and Sustainable Development. Muthaura noted that Morocco is among the first countries in Africa to float a green bond.

“Kenya will also issue a green bond and the proceeds will go to finance projects that will help Kenya mitigate and adapt to climate change,” he said.

The market regulator noted that after the global financial crisis that occurred in 2008, international financiers have shifted focus to investing in green financial instruments.

“Green bonds are now seen to be more attractive because they fund sustainable projects,” he added.



Kenya’s shilling steadies against U.S. dollar, British Pound

NAIROBI, (Xinhua) -- The Kenya shilling steadied Tuesday against the U.S. dollar and the British Pound as it sustained an upward trend following increased inflows from offshore investors and low demand from importers.

Against the dollar, the shilling gained 0.01 percent to stand at 102.64. On Monday, the currency had strengthened 0.22 percent.

Similarly, the shilling went up against the Pound 0.09 percent to close at 125.95. The surge was a build up from Monday, where the shilling strengthened 0.06 percent against the currency to close at 126.07.

Analysts attributed the rise to increased foreign exchange inflows amid subdued demand from Kenyan importers especially of oil and consumers goods.

According to Cytonn, a Nairobi-based investment firm, the appreciating currency has helped to stabilize Kenya’s foreign exchange reserves since the shilling is not facing pressure from international currencies.



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