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ADB floats $3b bond to alleviate pains of COVID-19 in Africa

ADB floats $3b bond to alleviate pains of COVID-19 in Africa

Business
Bank urges Nigerians to make safety paramount against VirusThe African Development Bank (ADB) has raised a $3 billion bond instrument in a three-year tenure to help alleviate the impact of COVID-19 pandemic in Africa. According to ADB Group, the bond is the largest social bond ever launched in international capital markets , and the largest dollar benchmark ever issued by the bank. It will pay an interest rate of 0.75 percent. The Fight Covid-19 Social bond, with a three-year maturity, garnered interest from central banks and official institutions, bank treasuries, and asset managers including socially responsible investors, with bids exceeding $4.6 billion. The ADB Group is moving to provide flexible responses aimed at alleviating the severe economic and social impact of thi...