The Board of Directors, African Development Bank (AfDB), has approved the 2022 borrowing program of the institution for up to $10 billion. The amount is expected to be raised from the capital markets.

AfDB in a statement said it is active in various international capital markets, including the US dollar, Euro, Australian dollar, and pound sterling.

The bank also pledged to sustain effort towards consolidating its environmental, social, and governance (ESG) footprint through the issuance of green and social bonds, which this year included its first-ever social bond transaction denominated in the Australian dollar.

“The African Development Bank has also used its ‘High 5’ strategic priorities as a platform to issue 29 theme bonds, including Integrate Africa, Feed Africa, Improve the Quality of life for the People of Africa, Industrialize Africa and Light Up and Power Africa,” AfDB said.

“The Bank will continue to promote the development and deepening of African capital markets through the issuance of local currency-denominated debt to facilitate the financing of its local currency operations, alongside other initiatives.”