In ASEAN’s vision, this will allow for the unbundling of distribution from production, so that one can produce in the jurisdictions which have the comparative advantage for the product and have the product sold in other jurisdictions where there is greatest demand. The freer movement of capital is not only for production, it also holds true for the regional financial market.
In 2019, we launched the regulatory framework for Kenya’s bond market and in September issued the first green bond of USD 45 million. This joins other issues in Africa of under USD.2 billion out of an estimated global green bond issuance of USD.167.3 billion. How then do we scale up sustainable finance across Africa?