Posted On: Sep, 13 2023

Request for Comments on Draft “Capital Markets and Securities (Corporate and Subnational Sustainability Bonds) Guidelines, 2023"

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The Capital Markets and Securities Authority (CMSA) is in the process of developing a regulatory framework for sustainability corporate and subnational bonds in Tanzania. In this regard, the CMSA in collaboration with other regulators and stakeholders has developed draft “Capital Markets and Securities (Corporate and Subnational Sustainability Bonds) Guidelines, 2023. The Guidelines have been drafted taking regard of the principles and guidelines promulgated by various international bodies including the International Capital Markets Association and the Climate Bond Initiative.

Guidelines for issuance of Sustainability Bonds by Corporates and Subnational Institutions are expected to manage market risks and build confidence of investors, market players’ and contribute to the development of long-term sustainable finance in Tanzania. The guidelines are particularly intended to achieve the following objectives:

  • Widen the scope of financing projects that have environmental or social impacts;
  • Provide guidance for the issuance of sustainability bonds in Tanzania;
  • Set minimum requirements for management of sustainability bond proceeds and disclosures that aim to maintain integrity of the market and protect interests of investors;
  • Promote financial inclusion by taking on-board segments of society excluded due to lack of sustainability financial instruments, including green bonds, blue bonds, social bonds and sustainability-linked bond;
  • Promote and support professional development on sustainable finance; and
  • Widening the scope of financing through diversification of financial products and enhancement of market liquidity.

As one of the key stakeholders in the capital markets, you are requested to review the draft Guidelines which is available here and avail your written comments to CMSA on or before 30th September 2023 to enable CMSA progress the draft Guidelines to the next stages including publication in the Government Gazette.

Kindly submit your written comment to:

Physical Address:

Chief Executive Officer

Capital Markets and Securities Authority

6th Floor, Garden Avenue Tower, corner of Ohio Street/Garden Avenue

P.O Box 75713, Dar es Salaam, Tanzania

Email Address:

For more details and clarification please contact:; cc: or +255 764 339898

We thank you for your continued cooperation and look forward to receiving your comments.