For the first time, an overseas investor has put money into the Fijian-dominated green bond campaign aimed at supporting climate change mitigation and adaption.
Green Bonds are fixed income and liquid financial instruments that are used to raise funds dedicated to environmentally friendly projects.
With Fiji being the first emerging market to issue a sovereign green bond, Minister for Economy, Aiyaz Sayed-Khaiyum says the participation of businesses in this initiative has been tremendous.
“The issue follows an overwhelming interest recorded in the week-long tender that saw the floated amount of forty-million dollars being significantly oversubscribed. A total of eighty-seven point seven million dollars were received in tenders for the two tenures of five year and thirteen-year bonds. A total of sixty point one zero million was received for the five-year bond and a total of twenty-seven point one six million dollars was for the thirteen-year bond."
Sayed-Khaiyum says it’s also good to see commercial banks showing their support.
He noted that Fiji will use all proceeds for projects to achieve a hundred percent renewable energy and reduce its carbon footprints by thirty percent by 2030.
