Nairobi, March 9 -- A Tanzanian local water utility has issued a green bond of Tsh53.12 billion ($20.8 million), a first in East Africa by a sub-national entity, in efforts to boost water conservation and access to the critical resource.

Issued by the Tanga Urban Water Supply and Sanitation Authority (Tanga Uwasa), the bond will be floated on the Dar es Salaam Stock Exchange (DSE) and will offer a return of 13.5 percent, paid semi-annually.

It is meant to raise funds for the utility to boost water supply to reach 100 percent of the Tanga population, up from the current estimated 96 percent, and also support its environmental conservation efforts in the city and surrounding towns.

Supported by Nairobi-based Financial Sector Deepening (F...