Goldman Sachs (GS) and BNP Paribas are working with The African Development Bank to help the multilateral lender structure a hybrid bond issuance, Bloomberg reported Wednesday.

The AfDB is now looking to raise between $500 million and $1 billion through the bond, which could be issued as soon as next month, the report quoted Keith Werner, AfDB's manager of capital markets, as saying in an interview.

The bond is part of AfDB's strategy to tap into private capital markets to support lending to developing nations, especially in the face of climate change and other challenges, the report said.

Goldman Sachs and BNP Paribas did not immediately respond to MT Newswires' request for comment.

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