Kenya on Wednesday launched the green bonds regulatory framework to promote sustainable development, officials said on Wednesday.
Paul Muthaura, chief executive officer of Capital Markets Authority (CMA) told journalists in Nairobi that the frameworks to issue listed and unlisted green bonds is part of the strategy of diversifying products in the Kenyan capital markets.
“Issuers of unlisted or listed green bonds in Kenya will be required to appoint an independent verifier to conduct a pre-issuance review and confirm to the investors, CMA and Nairobi Securities Exchange (NSE) in the case of listed green bonds, that the issuance is eligible to be classified as a green bond in line with green guidelines and standards,” Muthaura said.
He said that the procedures for listing of Green Bonds on the Nairobi Securities Exchange (NSE) are outlined in the NSE Listing Rules, which have been amended appropriately.
The launch of the regulatory framework is a culmination of the work undertaken by the Green Bond Program established in 2017, whose aim was to develop a domestic green bond market. Enditem
