World Bank Issues Sustainable Development Bonds to Morocco’s Central Bank
World Bank Supports Climate Action and Sustainable Development
In a significant move towards climate action and sustainable development, the World Bank has issued two Sustainable Development Bonds worth EUR 200 million to Bank Al-Maghrib, Morocco’s central bank. These bonds were announced at the Marrakech World Bank Group – IMF Annual Meetings, marking a historic occasion as the first time in half a century that an African country has hosted these meetings.
Funding Resilient Initiatives for a Better Future
The proceeds from these bonds will be directed towards financing initiatives aimed at building resilient food systems, promoting renewable energy, ensuring water security, and expanding universal electricity access. With fixed-rate annual coupons and maturity dates set for 2026 and 2028, these bonds will also contribute to strengthening drinking water supply and agri-food systems, with a focus on positive social and environmental impacts.
Morocco’s Commitment to Climate Action
By incorporating these bonds into its reserves management portfolio, Bank Al-Maghrib demonstrates Morocco’s strong commitment to driving climate action across Africa. This significant step highlights the country’s dedication to environmental sustainability and resilience. Notably, over 90% of new World Bank projects now incorporate climate components, underlining a global shift towards sustainability and climate resilience.
Morocco’s Leadership in Promoting Climate Action
The Marrakech World Bank Group – IMF Annual Meetings have provided an ideal platform for Morocco to position itself as a leader in promoting climate action. Hosting these meetings after a 50-year gap, Morocco has not only made history but also showcased its determination to address environmental challenges and promote sustainable development.
This rewritten article provides a unique and enriched perspective, offering more details about the World Bank’s issuance of Sustainable Development Bonds to Morocco’s central bank. It emphasizes Morocco’s commitment to climate action and its quest for a sustainable future. The bonds’ funding will support various initiatives aimed at resilience, renewable energy, and universal access to essential resources. With Morocco leading the way, this development highlights a global shift towards sustainability and underscores the importance of collective efforts in tackling climate change.