ISLAMABAD: Prime Minister Imran Khan has formally launched Pakistan’s first green Eurobond by the Water and Power Development Authority (WAPDA).
WAPDA is issuing Green Eurobond to raise $500 million for financing of Diamar-Bhasha and Mohmand Dams. Global financial institutions have shown extraordinary interest which is a sign of confidence in the stable financial position of the institution.
Addressing a ceremony in Islamabad, the prime minister congratulated the authority on the achievement and also expressed satisfaction at the progress on megadams.
PM Imran Khan expressed regret at the lack of implementation of decisions made and said the PTI government is initiating projects that were supposed to be launched fifty years ago.
PM Imran lamented the fact that Pakistan’s potential had not been utilized, adding that a nation cannot progress if you carry out planning from one election to the next. He said that there was a need to invest in the country’s children and where the country is headed.
He said India started progressing rapidly after 1985 and even Bangladesh also managed to progress by implementing long-term planning.
He said that the government was planning to build 10 dams in the next 10 years in an effort to produce clean energy. He said Pakistan is vulnerable to climate change and there is a need to think of future generations.
Commenting on the government’s 10 Billion Tree Tsunami Programme, PM Imran said that one billion trees have been planted since 2018 and they will complete their goal by 2023.
He said that the government was also introducing a uniform syllabus for the education system to bring social cohesion and is also integrating madrassahs into the mainstream. He said the government was focusing on wealth creation and industrialisation.
Last week, WAPDA launched its first green Eurobond, called Indus bond, for 10 years to raise $500 million at a competitive price of about 7.5 percent interest rate.
The launch of the bond attracted a number of international investors, who offered Wapda investments worth $3 billion, six times more than its need through the Indus bond.
WAPDA needs nearly $2.2bn over five years including $1.1bn in the first two years and is raising $500m through the Indus bond. The number of bonds will be gradually increased based on the financial needs of the projects.
