Saudi PIF Successfully Issues Inaugural Century Green Bond

Saudi PIF Successfully Issues Inaugural Century Green Bond

The Public Investment Fund (PIF) announced on Thursday its first-ever bond issuance — the century green bond — raising $3 billion to finance or refinance PIF’s green investments. This move comes in line with the Green Finance Framework.

Reuters recently disclosed that the Saudi sovereign fund has hired banks to arrange a debut issuance of multi-tranche dollar-denominated green bonds for the first time, in an effort to achieve the Kingdom’s green aspirations.

PIF green investments include eligible green projects in renewable energy, energy efficiency, sustainable water management, pollution prevention and control, green buildings and clean transportation.

Head of PIF’s Global Capital Finance Division Fahad AlSaif said: “This inaugural green bond issuance is a historic milestone for PIF, marking the establishment of its international capital markets program - one of the PIF’s key objectives. It will also allow PIF to further diversify its sources of debt funding thereby helping to drive impactful investment in Saudi Arabia and internationally.”

He continued: “The strong investor support for the issuance is a testament to PIF’s strong financial profile, world-class governance, exceptional green projects and the diversity of its business and portfolio. It also reflects PIF’s leading role in transforming Saudi Arabia’s economy and the broad range of green