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African Development Bank launches $464 million Kangaroo social bond - Metro US

African Development Bank launches $464 million Kangaroo social bond

The headquarters of the African Development Bank (AfDB) are pictured in Abidjan, Ivory Coast

(Corrects to add dropped word “million” in headline and first paragraph)

DAKAR (Reuters) – The African Development Bank said on Monday it is returning to the Australian capital market with the launch of a 5.5-year $464 million Kangaroo social bond.

The development bank said the deal was led by Nomura and RBC Capital Markets.

It added that the second social bond, following a $3.1 billion 3-year issue launched last year to fight the coronavirus pandemic, will be used to improve access to electricity, water and sanitation, and other social programmes in the continent.

(Reporting by Bate Felix, editing by Louise Heavens)

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