Pakistan plans sustainable sukuk: IFR
Pakistan is planning to raise Rs20bn–Rs30bn (US$71m–$106.5m) from a debut sustainable sukuk to finance hydropower projects.
The deal comes after the government approved a sustainable investment sukuk framework in April.
Meezan Bank, Bank Alfalah, Dubai Islamic Bank Pakistan and Bank Islami Pakistan are structuring advisers on the programme, according to local media.
The target projects are the Garuk storage dam in the western Balochistan province, the Naigaj dam in the southeastern Sindh province and the Shagarthang hydropower project in the city of Skardu in Kashmir. The projects are underway but will require an additional Rs52bn in funding.
The issue will mark the government's first debt instruments tied to ESG assets. Government agency Water and Power Development Authority in 2021 issued a US$500m 10-year green bond to fund hydropower projects.
The sukuk will be sold via auction on Pakistan Stock Exchange. The tenor is unknown.
The sovereign's domestic ratings are Caa2/B–/CCC+, according to LSEG data.
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