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Erudite AfricaCenter of Excellence
← Debt Capital Markets (DCM)

Green bonds, sukuk, sovereign restructuring and the capstone

Module 05 / 5 · 70 min

Align a green bond with the ICMA principles, design sukuk for interest-free investors, understand debt sustainability and the Common Framework, and present Bank A's final term sheet.

In this module you will learn to

  • Apply the four core components of the ICMA Green Bond Principles and the Social and Sustainability Bond guidance to an Ethiopian issue
  • Design ijara, murabaha and mudarabah sukuk structures for interest-free investors
  • Explain debt sustainability analysis, the G20 Common Framework and bondholder negotiations, and their implications for Ethiopian corporates
  • Present a complete term sheet and pricing rationale for a five-year ETB 2 billion green bond

Built on

  • Erudite Africa training module: Ethiopian Context, topic 3.f Debt Capital Markets, Levels 1 and 2 (October 2026)
  • Capital Market Proclamation No. 1248/2021; ECMA Directive No. 996/2024 (fees); ECMA public offer directive (reported as No. 1030/2024); ESX Rulebook (December 2024)
  • National Bank of Ethiopia Proclamation No. 1359/2025; NBE Directives SBB/95/2025, SBB/87/2024, SBB/72/2019, SBB/98/2025, FXD/01/2024 as amended by FXD/04/2026, NBE/INT/13/2026; MPC release No. 7 (July 2026)
  • Ministry of Finance, Public Sector Debt Statistical Bulletin No. 56 (February 2026)
  • ICMA Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines; G20 Common Framework for Debt Treatments
  • Commercial Code of 2021 (reported as Proclamation No. 1243/2021)

Examples and companies are fictional. Bank practices are shown as typical Ethiopian practice, not as any one bank's policy. Always apply your own institution's approved policy and the current NBE directives.