Pakistan

A $ 500m green bond set up to fund Diamer, Mohmand Dam

SECRET: Prime Minister Imran Khan on Monday unveiled the country’s first green Eurobond by the Water and Power Development Authority to meet the financial needs of the Diamer-Bhasha and Mohmand dams project.

The council floated for 10 years to raise $ 500 million at a competitive price of about 7.5% interest.

The Prime Minister thanked the WAPDA chief and his team for their achievements in securing bonds in the international market, at the opening ceremony held at the Prime Minister’s House.

Imran expressed satisfaction with the interest of leading Eurobond financiers, saying it showed their reliance on the government and WAPDA.

He also praised the body for the rapid flow of dams, which he said was important to create clean energy in green spaces and save future generations.

The Prime Minister said the “ten dams” project, which started in 2018, must have been designed 50 years ago to ensure water security.

“Ten dams built over the next 10 years will produce 10,000 megawatts of clean electricity. It is part of thinking about our future generations, ”he concluded.

He emphasized the need for long-term planning rather than the recent decision-making process for development in the country.

He lamented that the short-term planning for power generation resulted in a much higher interest rate than in other South Asian countries.

Imran said generating renewable energy with a $ 10 billion pricing project could help address the challenges of climate change and climate change in major cities.

The establishment of 15 new wildlife sanctuaries, the rehabilitation of wetlands and the development of sustainable tree stocks and ways in which the government can reduce global warming, he said.

The Prime Minister outlined some areas that the government wants to change, including education syllabuses, health cards, improving maternal and child mortality rates, and reforms to promote agriculture and livestock.

Finance Minister Shaukat Tareen said the success of gaining international interest in the Wapda agreement demonstrates international confidence in the leadership of Prime Minister Imran.

He also said that the completion of dams was important in meeting the country’s water needs, adding that the establishment of the council would help raise water revenue.

WAPDA chairperson Muzammil Hussain said the opening was a milestone as the World Trade Organization (IDP) has its own identifiers.

He said the largest investment firm in JPMorgan Chase had shown interest in working in Pakistan for the past 25 years, adding that the partnership would boost the country’s economy.

The vice-chairman of the bank, Mark Stephen Garvin, in a video message praised Pakistan for establishing the alliance and praised the “unwavering commitment despite difficulties”.

According to a report by the commission, the Regulation S agreement has been set at a very competitive price of 7.5%, which is unprecedented because the Pakistani regime growing in 2031 has a coupon of 7.375%.

“This will help differentiate the funding for large-scale operational operations,” the report said.

The report stated that there was a great deal of interest in the WAPDA Indus’ partnership with a six-year-old registration book worth about $ 3 billion. This included reliable and high-end companies, including Goldman Sachs, Blackrock, Bluebay, Fidelity, Ashmore, Amundi and UBS.

“It is a gold-plated trade and Wapda was selected as the senior [international] Banks under the leadership of JP Morgan, who returned to Pakistan after a short rest. The authors of the books included Deutsche and Standard Chartered and HBL as Co-Manager, “the report said.

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