Kenya leads Africa’s green finance – report


UK Secretary of State for International Development Alok Sharma (C) during the listing of Kenya’s first green bond by real estate company Acom Housing on the Nairobi Stock Exchange. January 2020. [Courtesy]

Kenya and Morocco have been ranked among the top African countries whose capital markets provide investors with sustainable investment products.

This is revealed by the latest edition of the Absa Africa Financial Markets Index which cites Kenya’s recent deployment of green bonds, sustainable stocks and mutual funds as some of the indicators of the country’s progress in the market. realization of green financing.

“In addition, Kenya has issued ethical securities to fund socially responsible investment opportunities,” the report says.

The report was developed in partnership with the Official Forum of Monetary and Financial Institutions, an independent think tank for central banking and politics. The report classifies innovation in African capital markets according to six pillars.

These are market depth, access to foreign exchange, market transparency, fiscal and regulatory environment, capacity of local investors, macroeconomic opportunities and enforceability of financial contracts.

Overall, Kenya was ranked 11th on the continent, down four places from last year due to lower capacity of retail investors and the legality and enforceability of standard framework agreements. financial markets.

Kenya’s green bond program, however, was cited as an encouraging development as spearheading a green bond market nationally and in the East African region.

Last year, the Central Bank of Kenya (CBK) issued an 18-year 60 billion shillings infrastructure bond at a time when the majority of African economies were turning away from debt markets.

At the same time, a report by the Kenya Institute of Management (KIM), the Kenya Private Sector Alliance (KEPSA) and the Nairobi Securities Exchange (NSE) released yesterday showed that the country has surpassed the global average in terms of representation. female on boards of directors.

The 2021 Board’s Diversity and Inclusion Survey Report explored diversity beyond gender and age to other variables such as education, work history, nationality, ethnicity and religion.

According to the report, gender diversity on Kenyan boards now stands at 36 percent, a significant increase from 21 percent in 2017. By comparison, the global average of women in board positions administration stands at 23.3 percent, up from 20.4 percent in 2018.

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