Tanzania, May 2 -- Dar es salaam. The first green bond for water development projects issued by Tanga Urban Water Supply and Sanitation Authority (Tanga Uwasa) has been subscribed to by 103 percent, a trend that shows a growing appetite for green financing.

According to the public notice posted yesterday, the water utility aimed to collect Sh53.12 billion to improve water supply infrastructure and accelerate environmental conservation in Tanga City, but the investors responded with bids worth Sh54.72 billion.

The 10-year water bond, which opened from February 22 this year to April 4, is the first in Sub-Saharan Africa, according to Tanga Uwasa managing director, Mr Geofrey Hilly.

He said the response was "very satisfying," even though ...