Fiji to sell world’s first climate-change “green” bonds

The Pacific Island nation is seen as particularly vulnerable to climate change, with some of its 300 low-lying islands susceptible to rising seas. (Reuters)
Updated 18 October 2017
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Fiji to sell world’s first climate-change “green” bonds

SYDNEY: Fiji will issue a $50 million (SR87.5 million) “green” bond in coming weeks to help combat the effects of global climate change, the first developing country to do so, its prime minister said on Wednesday.
The Pacific Island nation is seen as particularly vulnerable to climate change, with some of its 300 low-lying islands susceptible to rising seas.
The bond will be the first to earmark the cash raised to address the issue, according to the World Bank.
The country will also use some of the proceeds to reduce its carbon dioxide emissions, Prime Minister Frank Bainimarama said in a speech.
“Changing weather patterns and severe weather events are threatening our development, our security and the Fijian way of life,” he said in a joint statement with the World Bank.
“By issuing the first emerging country green bond, we are also sending a clear signal to other nations that we can be creative and innovative in mobilizing funds.”
Such bonds are used to raise funds for environmental projects, though the sector has drawn criticism for only vaguely defining what constitutes a “green” investment.
Poland and France have also issued sovereign green bonds to raise funds for renewable power, subsidize energy-efficient buildings, tree planting and other environmental projects.
The bonds, which will be available in five- and 13-year maturities, will be priced on November 1. They will pay coupons of 4 percent and 6.3 percent, respectively, according to a summary released by Fiji and the World Bank.
The issue comes three weeks ahead of a UN climate change conference in Bonn, Germany, which will be chaired by Fiji.
The global “green” bond market is expected to reach $134.9 billion in 2017, according to the World Bank.


Deutsche Bank appoints Riyadh GM

Updated 18 September 2018
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Deutsche Bank appoints Riyadh GM

  • German banking titan expects more deal flow from Kingdom
  • Deutsche Bank established base in Saudi Arabia in 2006

LONDON: Deutsche Bank has appointed Mohammed Alajmi as general manager of Deutsche Bank Riyadh Branch in Saudi Arabia.
He will have oversight of the bank’s business regulated by the Saudi Arabian Monetary Authority (SAMA), Deutsche Bank said in a statement.
The German banking giant originally established its Riyadh branch in 2006.
Alajmi joined Deutsche Bank in 2012 after more than a decade of working at local financial institutions in the Kingdom.
He was appointed chief operating officer in June 2015 overseeing the bank’s activities across all businesses and infrastructure functions.
The group expects to boost regional hiring this year, driven by expected corporate bond sales and initial public offerings, Bloomberg reported in February.