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