Pakistan to issue green Sukuk bonds by end of 2024

WEB DESK: Pakistan aims to introduce domestic green Sukuk bonds by December 2024, according to Senator Muhammad Aurangzeb, the Federal Minister for Finance and Revenue.

The bonds will fund sustainable development projects, Aurangzeb stated in a release by the Finance Division.

This announcement followed the minister’s participation in the UK-Pakistan Green Investment Forum, hosted by the British High Commission, where he detailed plans to leverage innovative financing for international climate finance.

Highlighting the financing gap in climate projects, Aurangzeb stressed the need to bridge it and diversify green investment portfolios.

He underscored Pakistan’s reliance on private sector involvement and the government’s efforts to boost investor confidence in viable green ventures.

Moreover, Aurangzeb noted significant economic improvements over the past ten months, including reduced inflation, increased GDP growth in agriculture, higher foreign reserves, and a bullish stock market.

He mentioned the successful conclusion of a nine-month Stand-By Arrangement with the IMF, expressing intent for a medium-term fund-supported program.

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