Kenya has floated a $40 million green bond on the London Stock Exchange (LSE).
The bond, by Nairobi-based property developer Acorn Holdings, started trading at the LSE on January 20, 2020, following its launch by Kenya’s President Uhuru Kenyatta.
It becomes the first Kenya shilling denominated corporate green bond to be listed in the United Kingdom.
The bond, which was first listed at the Nairobi Securities Exchange (NSE) last week, will help Acorn Holdings raise funds to build environmentally friendly accommodation for 50,000 university students in Nairobi.
President Kenyatta urged UK investors to use Kenya as a gateway to investing in Africa and a bridge to the emerging market of more than 1.2 billion people created by the continental free trade area coming into force in June.
Kenya is one of the top 10 fastest growing economies on the continent and also one of the most pro-business nations in Africa.