Morocco buys $100m of World Bank’s ‘green bonds’

Kuwait Times - - BUSINESS -

RA­BAT:

Morocco’s cen­tral bank said yes­ter­day it com­pleted a deal to buy $100 mil­lion of “green bonds” is­sued by the World Bank, mark­ing its first pur­chase of this type of debt. The North African king­dom’s cen­tral bank wants to take ad­van­tage of its for­eign re­serves which have risen to an un­prece­dented level in the last decade. At the end of Septem­ber, net in­ter­na­tional re­serves had reached 251.68 bil­lion dirhams ($25.79 bil­lion) up 17.7 per­cent from a year ear­lier. The 3-year $100 mil­lion bonds ma­ture on De­cem­ber 15, 2019, and have a semi-an­nual fixed rate coupon pay­ment, it said. World Bank green bonds sup­port the fi­nanc­ing of projects in mem­ber coun­tries that meet spe­cific cri­te­ria for low car­bon and cli­mate re­silient growth, seek­ing to mit­i­gate cli­mate change or help af­fected peo­ple adapt to it, a joint state­ment from the two banks said.

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