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Zambia’s First Green Bond Listed as CEC Initiates Sustainable Investment

The Copperbelt Energy Corporation (CEC) has achieved a historic milestone by listing the country’s first Green Bond at the Intercontinental Hotel in Lusaka. Honourable Dr. Situmbeko Musokotwane, Minister of Finance and National Planning, presided over the ceremony and commended CEC for its pioneering efforts in sustainable development.

The salutations included key figures such as Honourable Engineer Peter Kapala, Minister of Energy, and Honourable Engineer Collins Nzovu, Minister of Green Economy and Environment, highlighting the collaboration between various ministries for sustainable growth.

Dr. Situmbeko Musokotwane began by congratulating CEC for achieving the registration of Zambia’s inaugural Green Bond, a significant milestone for the nation’s capital markets.

The Minister acknowledged the critical role of capital markets in raising essential funds for Zambia’s economic development, especially in sectors like mining, agriculture, tourism, and more.

He emphasized the government’s commitment to the development of the energy sector, as demonstrated by the allocation of funds for powerline development and geological mapping in key sectors outlined in the 2024 national budget.

Dr. Musokotwane recognized the increasing risks associated with climate change and the need for financial services to mitigate these impacts.

The Minister praised CEC’s initiative to raise capital through its Green Bond for further investments in energy generation, particularly in solar energy projects.

He highlighted that the funds raised, approximately US$200 million, would contribute to solar energy generation investments of about 200MW, aligning with Zambia’s commitment to climate mitigation and economic growth.

Dr. Musokotwane stressed the importance of public-private dialogue in driving sector reforms that support private sector development, contributing to the realization of Zambia’s Vision 2030.

He encouraged other companies and investors to emulate CEC’s example and take advantage of Zambia’s business-friendly capital market rules.

The Minister concluded by officially congratulating CEC and marking the listing of Zambia’s first Green Bond on the Lusaka Securities Exchange, expressing optimism for a future characterized by sustainable investment and economic development.

The successful listing of Zambia’s first Green Bond signifies a significant step towards aligning the nation’s financial markets with global sustainability goals and fostering a green and resilient economy.

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