PM Khan officially launches Pakistan’s first-ever Green Eurobond
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Prime Minister, Imran Khan, has formally launched Pakistan’s first Green Eurobond.
The Green Eurobonds or also known as ‘Indus Bonds’, have been issued by the Water and Power Development Authority to raise $500 million from the international markets at 7.5%.
This issuance has completed a landmark deal for the country’s power sector and is also Pakistan’s first green bond issuance.
The launch of the bond attracted a positive response from international investors, with offers amounting to six times more than the amount needed to be raised ($3 billion).
The WAPDA has essentially issued the Green Eurobond to boost the financing of the Diamar Bhasha and Mohmand Dams.
In his address at the launching ceremony, the PM praised the WAPDA for the successful launch. He said that the government has been planning to construct ten dams in ten years to meet the water needs.
Khan also lauded the progress made to construct both the water reservoirs during the last two and a half years. He revealed that they would produce 10,000 MW of clean and environment-friendly electricity in the country.
The PM restated that Pakistan is among the countries that are the most affected by climate change. He also revealed how the government has been working on a tree plantation drive under the Ten Billion Tree Tsunami program to deal with the challenge.
The PM added that the plantation target of one billion trees has been successfully achieved. Following this, fifteen national parks were also being established to preserve and maintain the natural environment.
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