The African Development Bank has launched its first social bond on the London Stock Exchange tagged "Fight COVID-19."

The bond, which is worth $3bn is expected to alleviate the economic and social impact the pandemic will have on livelihoods and Africa’s economies.

Over 90 investors subscribed to the record-breaking 'Fight COVID-19' social bond, including the world’s largest pension fund, Government Pension Investment Fund, based in Japan.

The African Development Bank's 'Fight COVID-19' social bond will help alleviate the economic and social impact the pandemic will have on livelihoods and Africa’s economies. Thank you to all investors, some of whom are listed below, who have supported this landmark transaction. pic.twitter.com/WDAHE7Dpb6

— African Development Bank Group (@AfDB_Group) April 3, 2020

The milestone 'Fight COVID-19' social bond is the largest US dollar-denominated social bond transaction to date in capital markets.

Speaking about the bond, the AFDB President said:

"We are proud to announce that our first listing on the London Stock Exchange is a social bond. This is only the beginning of a stronger partnership between the African Development Bank and the London Stock Exchange. We will mobilise all we can on the capital market to fight the coronavirus in Africa."

African Development Bank launches its first bond on London Stock Exchange. The milestone 'Fight COVID-19' social bond is the largest US dollar denominated social bond transaction to date in capital markets. #COVID19https://t.co/uJX8CoZpUR pic.twitter.com/F0fAzsqVwl

— African Development Bank Group (@AfDB_Group) April 3, 2020