KARACHI: Pakistan has sold a $500 million 10-year green bond in the international market on Thursday evening at an estimated yield of 7.5 per cent, said Topline Brokerage CEO Mohammad Sohail on Thursday.
Mohammad Sohail in his tweet said, “The green bond receives offers for over $2.25 billion.”
Wapda — the first public entity to avail this offer — has planned to sell these bonds in the international market in line with the environmentally-friendly funds — green debt — over the next two years, Muzammil Hussain, chairman of the state-owned organisation told Bloomberg a few days back.
The nation aims to tap soaring investor demand globally for green debt as it pushes forward with plans to increase renewable and hydroelectric generation to 60 per cent by 2030, he had said.
The funds from the proposed dollar bond will be used to fund the Diamer-Bhasha and Mohmand dams in the country, according to Wapda. Earlier, Pakistan sold $2.5 billion of Euro bonds in March, the first since 2017, in a sign of investor demand for debt from the nation.
Pakistan is targeting economic growth of above 5 per cent in the next year from around 3.9pc this fiscal year with the help of spending on large infrastructure projects. The country’s economy is looking promising amid an increase in exports and construction activity.