Africa-Press – Cape verde. The International Investment Bank Cabo Verde (iibCV, Banco Internacional de Investimentos) today opened the subscription period for bonds that will support environmentally friendly projects in the country’s main hospital.
“ The issuance of these green bonds aims to enable the financing of iib’s activities, which includes the implementation of the sustainability and social responsibility policy. There will be an additional remuneration, corresponding to 0.5% per year on the total amount subscribed, to be donated to the Hospital Universitário Agostinho Neto (HUAN)” , in the capital, Praia, he announced.
This money should be used by the hospital in areas linked to the green economy, that is, “production of renewable energy, energy efficiency, reduction of pollution, water and waste management” , reads the offer documentation, thus aligning it , with Cape Verdean legislation that confers the “ green ” label.
If the subscription reaches the global amount foreseen for the operation, which is 750 million escudos (6.8 million euros), “HUAN will receive around four million escudos per year (36 thousand euros), which amounts to approximately of 12 million escudos (108 thousand euros) until the end of the operation’s maturity, which is three years”, highlighted Miguel Monteiro, president of the Cape Verde Stock Exchange (BVC), who hosted the presentation.
The offer period runs from November 24th to December 27th, the calculation of results with physical and financial settlement will take place on the following day, with listing on the BVC on December 29th.
The last public offering for subscription of bonds at BVC took place in January 2014, with Imobiliária, Fundiária e Habitat (IFH, a state-owned company) as the issuer, Miguel Monteiro recalled today.
“Approximately 10 years later”, the Cape Verdean stock exchange will host, in 2023, “two public offerings for subscription of bonds, reflecting the growing dynamism of the capital market ”, he said.
The official pointed out that, “ together with the ‘Blue Bonds’ issued at the beginning of this year ”, “ a path towards a more robust and sustainable capital market in Cape Verde ” is being followed .
The iib said that the initiative – bonds called “iib Renewable and Energy-Efficiency Green Bond” – was developed in partnership with the United Nations Development Program (UNDP) and the Joint Fund, which brings together financing mechanisms from various agencies of the United Nations under one hat.
The bank is the third largest in Cape Verde, it is led by the iib group from Bahrain and 10% owned by the Portuguese Novo Banco.
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