AGL 5.60 Decreased By ▼ -0.18 (-3.11%)
ANL 8.90 Increased By ▲ 0.02 (0.23%)
AVN 76.85 Decreased By ▼ -2.07 (-2.62%)
BOP 5.26 Decreased By ▼ -0.02 (-0.38%)
CNERGY 4.63 Decreased By ▼ -0.07 (-1.49%)
EFERT 81.27 Decreased By ▼ -0.33 (-0.4%)
EPCL 50.08 Decreased By ▼ -0.83 (-1.63%)
FCCL 13.16 Decreased By ▼ -0.22 (-1.64%)
FFL 5.69 Decreased By ▼ -0.03 (-0.52%)
FLYNG 7.07 Decreased By ▼ -0.08 (-1.12%)
FNEL 4.79 Decreased By ▼ -0.03 (-0.62%)
GGGL 8.80 Decreased By ▼ -0.10 (-1.12%)
GGL 14.55 Decreased By ▼ -1.33 (-8.38%)
HUMNL 5.69 Decreased By ▼ -0.08 (-1.39%)
KEL 2.63 Decreased By ▼ -0.03 (-1.13%)
LOTCHEM 28.60 Decreased By ▼ -0.45 (-1.55%)
MLCF 24.49 Decreased By ▼ -0.61 (-2.43%)
OGDC 72.43 Decreased By ▼ -0.02 (-0.03%)
PAEL 15.36 Increased By ▲ 0.01 (0.07%)
PIBTL 5.00 Decreased By ▼ -0.05 (-0.99%)
PRL 16.10 Decreased By ▼ -0.19 (-1.17%)
SILK 1.08 Decreased By ▼ -0.01 (-0.92%)
TELE 9.14 Decreased By ▼ -0.23 (-2.45%)
TPL 7.23 Decreased By ▼ -0.10 (-1.36%)
TPLP 18.61 Decreased By ▼ -0.34 (-1.79%)
TREET 21.68 Decreased By ▼ -0.32 (-1.45%)
TRG 136.71 Decreased By ▼ -4.44 (-3.15%)
UNITY 16.88 Decreased By ▼ -0.14 (-0.82%)
WAVES 9.86 Decreased By ▼ -0.04 (-0.4%)
WTL 1.41 No Change ▼ 0.00 (0%)
BR100 4,225 Decreased By -29.6 (-0.7%)
BR30 15,518 Decreased By -214.7 (-1.36%)
KSE100 42,150 Decreased By -243.4 (-0.57%)
KSE30 15,588 Decreased By -75.7 (-0.48%)
Pakistan

Pakistan plans to raise another $1bn from ESG Eurobonds: report

  • Finance minister Shaukat Tarin says fund will be utilised for projects such as developing clean water and cleaning up the rural landscape
Published February 3, 2022
Follow us

Pakistan plans to raise $1 billion through the issuance of an environmental, social, and governance (ESG) Eurobonds, said Finance Minister Shaukat Tarin during an interview with Bloomberg on Thursday.

The development comes after the country raised a similar amount through a Sukuk issuance last month, and also earned approval from the International Monetary Fund’s (IMF) Executive Board for the release of its next tranche. The IMF approval allows the authorities to draw the equivalent of SDR 750 million (about $1 billion) as well.

Also read: Experts weigh in after IMF programme revival

Tarin, in his Bloomberg interview, said the country will pursue environmental development and support in tapping the international markets to raise dollars.

The note, the first of its kind for the Pakistan government, follows the first ‘green’ bond issuance by state-owned Water and Power Development Authority (WAPDA) in May last year. WAPDA raised $500 million from the international markets at 7.5%.

The South Asian nation would join Mexico and Kenya in exploring ESG bonds as issuance from emerging markets, stated Bloomberg.

Pakistan would use funds from the ESG bond for projects such as developing clean water and cleaning up the rural landscape, added Tarin.

The country’s financing requirements have increased as the trade deficit widens, driven also by a surge in global commodity prices and pursuit of higher economic growth. While the central bank has tightened its stance, higher oil prices have kept Pakistan’s economy on the backfoot.

Just last week, the Government of Pakistan successfully raised $1 billion through the issuance of International Sukuk.

This was the first issuance under the government’s newly established ‘Trust Certificate Issuance Programme’ and the first time that Government issued International Sukuk with a 7-year maturity.

“The transaction generated great interest as leading global investors from Asia, Middle East, Europe and the US participated in the order book,” said the Ministry of Finance in a statement then. “The transaction's success is a testimony to the investors’ confidence in the country’s economic revival and long-term stability and growth.”

Comments

Comments are closed.

Pakistan plans to raise another $1bn from ESG Eurobonds: report

Moonis’ claims on Gen Bajwa raises doubts on institution’s apolitical narrative: Sanaullah

PTI quitting provincial assemblies will be humiliating for its voters: Saad Rafiq

Russia: price cap is ‘dangerous’ and will not curb demand for our oil

Pakistan calls on interim Afghan govt to up security at Kabul embassy after attack

US unveils high-tech B-21 stealth bomber

England in charge in Rawalpindi despite Babar hundred

Polling ends, vote-count underway in AJK local govt elections

Improved Bangladesh ‘no cakewalk’, says India’s Rohit

SBP repays $1bn bond before due date

Maj-Gen Sharif made ISPR DG