Egypt’s Panda bonds win Africa’s best bond deal for 2024

Egypt won the 2024 best bond deal in Africa for issuing sustainable Panda bonds worth ¥3.5 billion ($478.7 million).

The announcement came at the 2024 Bonds, Loans & ESG Capital Markets Africa Awards conference.

Côte d’Ivoire was named ESG Loan Deal of the Year for financing environmental, social and governance (ESG) projects worth $533 million.

In October 2023, Egypt became the first African country to successfully issue a Panda Bond. The African Development Bank Group and the Asian Infrastructure Investment Bank provided partial credit guarantees to support the issuance, paving the way for other African countries to access fast-growing Chinese debt capital markets.

In Côte d’Ivoire, the Bank Group provided a €400 million partial credit guarantee to support the mobilization of €533 million in financing for strategic environmental, social and governance (ESG) projects. With the partial credit guarantee, Côte d’Ivoire was able to raise long-term financing for projects in sustainable agriculture and agro-industry, water and sanitation, renewable energy, health, affordable housing, education and vocational training, financial inclusion and entrepreneurship.

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