WASHINGTON, October 9, 2023 - The World Bank (International Bank for Reconstruction and Development, IBRD, AAA/Aaa) announced today the issuance of two Sustainable Development Bonds purchased by Bank Al-Maghrib (the Central Bank of Morocco) for its reserves management. The announcement coincides with the start of the World Bank Group - IMF Annual Meetings in Marrakech, Morocco, which are focused on driving action for more sustainable outcomes for people and the planet.
The EUR 100 million 3-year and EUR 100 million 5-year Sustainable Development Bond transactions will support the financing of the World Bank's sustainable development activities and pay annual fixed rate coupons to Bank Al-Maghrib. The transactions are an opportunity for Morocco, as the first host of the Annual Meetings on the African continent in 50 years, to raise awareness for the urgency of mainstreaming climate action in the region and across the continent. The World Bank integrates climate action into its development financing efforts including resilient food systems, clean and renewable energy, and environmental and water security throughout its global portfolio, including African countries. The World Bank is also financing projects to proactively support countries to manage climate shocks while implementing urgently needed adaptation measures.
The World Bank takes a holistic approach to mainstreaming climate change across its operations in more than 75 countries, with over 90% of new projects incorporating climate components. For example, in North Africa where climate change is increasing water scarcity, the World Bank is accelerating investments to increase the resilience of drinking water supply and irrigation which serves as a model for other water-constrained countries. In sub-Saharan Africa the World Bank is responding to climate change by helping its member countries increase the resilience of their agri-food systems with a value chain approach. And throughout the continent, the World Bank is advancing a sustainable path towards universal access to electricity through investments in renewable energy.
The bonds mature on October 6, 2026, and October 6, 2028.
The World Bank issues Sustainable Development Bonds in the international capital markets to support the financing of sustainable development activities designed to achieve positive social and environmental impacts in developing countries, while raising awareness of specific development themes across a range of sectors. These bonds were issued under the World Bank's Sustainable Development Bond Framework.
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