In the 2023 Budget Address to the National Assembly of Zambia (the “Budget Address”) delivered on 30 September 2022 by the Minister of Finance and National Planning (the “Minister”), the Government of the Republic of Zambia (the “Government”) expressed its commitment to exploring innovative sources of Financing, including Green Bonds. The Securities (Green Bonds) Guidelines, 2019 (the “SEC Guidelines”) define Green Bonds as
“Fixed income or debt securities, either unlisted or listed on a securities exchange, approved by the SEC, whose proceeds are used to finance or refinance new or existing projects that generate climate or other environmental benefits in line with green guidelines and standards.”
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