Kenya’s financial market regulator on Tuesday backed plans by the Nairobi City County government to issue a green bond in order to fund sustainable development.
Wyckliffe Shamiah, chief executive officer (CEO) of the Capital Market Authority (CMA), said that county financing through the capital markets has been one of the authority’s key priorities as outlined in the ten-year Capital Market Master Plan which envisions that 30 percent of financing for counties will be drawn from the capital markets.
“The authority will support the Nairobi City County Government to raise funds through the capital markets,” Shamiah said in a statement issued in Nairobi, the capital of Kenya, adding that in order to give confidence to investors to participate in the green bond, the county government should demonstrate good governance through the prudent application of funds raised.
Arthur Johnson Sakaja, governor of Nairobi City County, said that the government will source long-term financing to meet the development needs of the county through the issuance and listing of green bonds. Enditem
