Riyadh – Mubasher: Saudi Arabia's Public Investment Fund (PIF) considers issuing its first green debt transaction in the near future, with borrowing linked to sustainability, according to PIF Governor Yasir Al Rumayyan.
"We will be the first sovereign wealth fund in the world to announce this green issuance," Reuters quoted A Rumayyan as saying during a virtual event on Tuesday that was held alongside the United Nations General Assembly.
As PIF working with BlackRock on the framework for environmental, social, and governance (ESG), the fund is collaborating with several partners worldwide to have better ESG compliance, Al Rumayyan added.
PIF reportedly hired banks, during September, to be members of its ESG panel for its medium-term capital-raising strategy.
The PIF Governor noted that Saudi Arabia will announce its Green Initiative in October, which will be followed by the Middle East Initiative that includes planting 50 billion trees.
