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Fiji to issue $50 million green bond

The Pacific nation will use proceeds of the bond to combat the effects of climate change.

Fiji’s roughly 300 islands are vulnerable to rising sea levels and other climate change effects, which officials estimate could displace 20% of its population by 2050.

“Changing weather patterns and severe weather events are threatening our development, our security and the Fijian way of life,” says Fiji’s Prime Minister Frank Bainimarama.

Fiji’s will be the first sovereign green bond issued by a developing country to combat climate change.

There are two tranches, Reuters reports: a five-year bond with a 4% coupon and a 13-year bond with a 6.3% coupon.

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