NAIROBI, (Xinhua) -- Kenya
plans to float green bonds in order to boost Foreign Direct Investment (FDI),
the capital market regulator said on Tuesday.
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.
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.
African nation is currently putting in place guidelines that will define what
constitutes a green bond.
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.
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.
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.
regulator noted that after the global financial crisis that occurred in 2008,
international financiers have shifted focus to investing in green financial
are now seen to be more attractive because they fund sustainable projects,” he
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.
dollar, the shilling gained 0.01 percent to stand at 102.64. On Monday, the
currency had strengthened 0.22 percent.
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.
attributed the rise to increased foreign exchange inflows amid subdued demand
from Kenyan importers especially of oil and consumers goods.
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.