Dammam: The Public Investment Fund (PIF) has raised three crore riyals in the first phase through bonds to invest in the energy sector to achieve the goal of greening Saudi Arabia.
PIF will use this money for projects like renewable energy, energy efficiency, sustainable water management, pollution prevention and control, green buildings and clean transport. There was a huge demand for Saudi Public Investment Fund in the international market.
Therefore, the first phase was easily completed, officials said. The green bonds were issued in February this year. It is market-oriented and fully compliant with international capital market regulations.
The current fundraising is a continuation of the Fund’s initiatives to support Saudi Arabia’s green agenda.
It also aims to build on previous announcements such as the launch of carbon-free industrial enterprises in the North African-Middle Eastern region and support for greener ways to develop 70 percent of Saudi Arabia’s energy production needs.
This is one of the main goals of Vision 2030. The completion of the first phase of green bond issuance is a historic milestone for PIF and marks its position in the international capital markets.
Fahad Al-Saif, Head of PIF’s Global Capital Finance Division, said that this will further diversify the sources of PIF date funding to increase impact investments in Saudi Arabia and internationally.
The public investment fund’s past history and operations, the attractiveness of the green projects it proposes and the profits it provides to investors have made the fund so recognized in the international market. It also provides sustainable investment opportunities.
