Pakistan plans to raise $500 million from first green bond sale

Pakistan plans to raise $500 million next week with the sale of a debut green bond that may lead the way for similar deals from the nation to fund hydroelectric projects.

Pakistan Water and Power Development Authority, known as Wapda, is looking to sell a 10-year note this month, and intends to offer more environmentally-friendly debt over the next two years, said Muzammil Hussain, chairman of the organization. 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 of total electricity by 2030.

Pakistan is targeting economic growth of 5 per cent in the year starting July from around 3 per cent this fiscal year with the help of spending on large infrastructure projects. The funds from the proposed dollar bond will be used to fund the Diamer Basha and Mohmand dams in the nation, according to Wapda’s Hussain.

Amazon adds Pak to its sellers’ list

Amazon has added Pakistan to its sellers’ list, making entrepreneurs eligible to sell on the platform, the commerce ministry said on Friday. The ministry said that manufacturers would gain access to a worldwide e-commerce platform.  PTI