ISLAMABAD: The Asian Development Bank (ADB) will issue bonds denominated in Pakistani rupee up to a value of $200 million equivalent to support local currency operations and develop capital market.

The bank on Wednesday in a tweet stated, "Pakistan approves ADB's issuance of #Pakistani rupee-linked bonds: ADB will issue bonds denominated in Pakistani #rupee up to a value of $200 million equivalent to support #localcurrency operations and develop #capitalmarkets".

The Economic Coordination Committee (ECC) of the Cabinet on August 12, 2020, allowed the ADB to launch offshore Pakistan Rupee (PKR)-linked bonds of up to $200 million to non-residents based on conducive market conditions.

The local currency proceeds of the bonds will be used for financing long-term infrastructure and energy projects in Pakistan.

Copyright Business Recorder, 2020