(Bloomberg) -- Namibia’s plans to sell green bonds to fund renewable energy and hydrogen projects have been delayed due to setbacks with a European Union initiative established to help developing markets with issuances.
While the nation’s Environmental Investment Fund has “been proactive in preparing for this initiative, the timeline for Namibia’s own sovereign green or sustainable bond issuance has not been finalized due to the delay in financial close under the GGBI,” Finance Minister Iipumbu Shiimi said in emailed responses to questions Wednesday.
The Global Green Bond Initiative set up by the EU last year is designed to help low- and middle-income countries develop their green bond markets and attract private investment for projects such as renewable energy and sustainable agriculture.
The mineral-rich southern African nation, which aims to position itself as a leader in green hydrogen production, remains committed to leveraging the partnership despite the delays, Shiimi said.
EIF plans to establish a green bond office in Namibia with technical support from GGBI, and list the debt on the Namibian and Johannesburg stock exchanges to attract local and international investors, Shiimi said.
The government has yet to finalize the specific amount it intends to raise, he added.
©2024 Bloomberg L.P.