The financial arm of the World Bank is considering issuing about US$2 billion in bonds to finance environmentally friendly projects in Peru, Pervian Minister of Economy and Finance Alfredo Thorne said on Saturday.
Thorne, during a state television program in which Peruvian President Pedro Pablo Kuczynski interviews various personalities, said the bonds would be used to finance projects such as reforestation in the Amazon.
The International Finance Corp (IFC), an arm of the World Bank, “is thinking of doing an emission of ‘green’ bonds here, and that’s going to give us US$2 billion, more or less,” Thorne said, without giving details of the issuance.
Thorne said that while Peru has not yet developed a reforestation industry, it is receiving help from the World Bank, the Inter-American Development Bank and Norway.
The IFC issued the first “green” bond in the Peruvian market in 2014 for 42 million soles (US$12.83 million).
Nigeria also plans to launch its delayed “green” bond — the first for an emerging market nation — within a few weeks, UN Deputy Secretary-General Amina Mohammed said on Thursday on the sidelines of a UN conference in Mexico on disaster risk reduction.
Mohammed, a former Nigerian minister of environment, told the Thomson Reuters Foundation that proceeds from the sovereign bond — which is expected to raise about 20 billion naira (US$61.54 million) from its first tranche — would be used to fund renewable energy, transport and agriculture projects.
Nigeria’s bond could lay the groundwork for other African nations to follow suit, she added.
“Green” bonds have been around for a decade, but sovereign borrowers had been absent from the market, which was traditionally dominated by international development banks.
The “green” bond market has enjoyed strong growth in the past two years, with issuance jumping 105 percent last year alone to a record US$72 billion, according to data compiled by Thomson Reuters and the Climate Bond Initiative.
Poland and France have both launched sovereign “green” bonds since the end of last year.
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