2023-10-16 10:19:42
Dubai – Mubasher: Nasdaq Dubai witnessed the first listing of green bonds worth US$770 million by Bank of China Limited (BOC), bringing the total value of debt instruments listed on the exchange to US$119.39 billion.
The Bank of China achieved a remarkable global achievement by issuing the world’s first green bonds on behalf of the Belt and Road Initiative partners through its branches in Dubai and Luxembourg. According to a press release.
The Luxembourg branch issued external bonds in the Renminbi currency worth 2 billion yuan ($270 million), and the bank’s Dubai branch issued these bonds at the Secured Overnight Financing Rate (SOFR) price of $500 million, for a period of 3 years for both issues.
This issuance of the world’s first green bonds, under the name of the Belt and Road Initiative Partners, coincides with the tenth anniversary of the launch of the initiative, representing a notable achievement in terms of sustainable financing.
The issuance of the first green bonds denominated in US dollars by the Bank of China branch in Dubai is considered the first financing initiative by an issuer in China to focus on green projects in the Middle East region only.
The proceeds generated from these two bond issues will be allocated to finance eligible and selected green projects in BRI partner countries, such as the United Arab Emirates, Saudi Arabia, Portugal, Austria, Bulgaria and Poland.
Since 2015, the Bank of China has issued five bonds under the Belt and Road Initiative, with a total volume of approximately $15 billion. Since 2016, the Bank of China has issued ESG-related bonds worth approximately $18 billion through its 12 overseas branches, which enhances the Bank of China’s effective role in this field at the level of foreign markets.
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