RIYADH: The Arab Petroleum Investments Corp., a multilateral development financial institution focused on the energy sector, raised $750 million from its debut green bonds, said a statement issued by the company.
The US-denominated five-year benchmark issuance was nearly three times oversubscribed, garnering $2.2 billion in orders from more than 80 institutional and sovereign investors, it said.
This is the first green bond in the Middle East and North Africa region issued by an energy-focused investment institution.
All projects funded by APICORP using these green bonds will be aligned with the UN Sustainable Development Goals, with a focus on renewable energy, green buildings, pollution prevention and control, and low-carbon technologies and solutions.
A designated Green Bond Committee will oversee the evaluation process of the projects.
The company also plans to issue an annual green bond report on the environmental impact of the bonds.