NMB Bank launched the country’s first green bond with $60 million from the International Finance Corp., British International Investment and life insurance company MetLife. The IFC anchored the deal with a commitment of up to $50 million in local currency financing last year.
According to BII, the green bond is a first for international investors supporting a locally issued bond in a private deal.
The bond’s proceeds will fund green projects like solar and clean transport, with the aim of creating 8,000 jobs.
Overall sustainable bond issuance in the Asia-Pacific region is expected to reach $260 billion this year, up from $246 billion last year. Green bonds in particular are gaining traction, especially in major markets like Japan, India and China, as well as Thailand, Malaysia and Indonesia. The Bank of the Philippine Islands is planning to launch a green bond next month to raise five billion pesos ($87.2 million) for renewable energy and water and sanitation projects.
Separately, BII has issued two “green basket bonds” to support small business lenders in funding small-scale green projects in Asia and Africa.
