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Business & Finance

WAPDA to officially launch Pakistan's first Green Euro bond today

  • WAPDA successfully raised $500 million from the international markets at 7.5, completing a landmark deal
31 May, 2021

Water and Power Development Authority (WAPDA) will officially launch Pakistan's first Green Euro bond (Indus Bond) on Monday.

As per details, Prime Minister Imran Khan will be the chief guest at the launching ceremony.

Days ago, WAPDA successfully raised $500 million from the international markets at 7.5, completing a landmark deal not just for Pakistan’s power sector, but also the country’s first green bond issuance.

The launch of the bond attracted a number of international investors, who offered Wapda investments worth $3 billion i.e. six times more than the amount needed to be raised. WAPDA issued Green Eurobond to raise $500 million for financing of Diamar Bhasha and Mohmand Dam.

The bond issuance is being seen as another positive development for the government that announced the country's economy grew at 3.94 percent, a sharp reversal from the contraction of 0.5pc in the previous year.

The Green Euro bond is being issued on the basis of WAPDA's stable financial position instead of state-guarantee. In March 2020, WAPDA had received a ‘B-‘ or ‘Stable’ rating from credit-ratings agencies including Fitch and Standard & Poor’s (S&P).

The issuance of bonds give Pakistan breathing space as it looks to raise more environmentally-friendly debt over the next two years, said Wapda Chairman Muzammil Hussain, quoted Bloomberg.

On Sunday, Prime Minister Imran Khan while responding to public queries during a live TV programme ‘Aapka Wazir-e-Azam Aap kai Sath’ said the government would construct ten dams to overcome the looming threat of water scarcity and global warming.

He said along with construction of these dams, a telemetry system would be made fully functional to ensure just water distribution among provinces.

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