Yes, the Kingdom of Saudi Arabia issues green bonds. On October 6, 2022, the Public Investment Fund launched its first international green bonds as a part of its debt issuance program.
The total issuance amounted to USD3 billion (equivalent to SAR11.25 billion), aimed at financing or refinancing the green fund investments.
The total subscription requests for the offering exceeded USD24 billion (equivalent to SAR90 billion), with the coverage ratio exceeding more than eight times the total issuance.
The initial bond issuance came after the fund issued a framework document in February 2022, outlining the Green Finance Framework for the fund. This framework aligns with international best practices and complies with the standards set forth in the Green Bond Principles issued by the International Capital Market Association (ICMA) and the Green Loan Principles issued by the Loan Market Association (LMA).
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