MOBILIST supports creation of Pakistan’s first listed green bond
LONDON, 21 March 2025. MOBILIST has supported the launch of the Parwaaz Green Action Bond – the first Green Bond to be listed on the Pakistan Stock Exchange (PSX) and to be denominated in Pakistani rupee.
MOBILIST provided technical assistance funding to Parwaaz Financial Services Ltd (PFSL), a subsidiary of Karandaaz Pakistan, to support the development of the bond. The bond aims to mobilise capital for environmentally sustainable projects and strengthen Pakistan’s green investment ecosystem and is designed to finance and refinance climate change mitigation activities for small and medium-sized renewable and energy efficiency projects in agriculture, manufacturing, healthcare and education sectors.
The bond was launched at an event in Islamabad and has secured PKR 1.1 billion in investments from leading financial institutions, reflecting strong investor confidence in Pakistan’s green finance sector. These investors include Bank Alfalah, Bank of Khyber, Allied Bank, Pak Brunei Investment Company Ltd., Pak China Investment Company Ltd., Pak Libya Holding Company Ltd., Pak Oman Investment Company, Saudi Pak Industrial & Agricultural Investment Company Ltd., and Al Falah Insurance.
At the launch, Muhammad Aurangzeb, Federal Minister for Finance and Revenue, underscored its importance: “Pakistan’s economic resilience depends on our ability to embrace sustainability in finance. The launch of this Green Bond is a testament to our commitment to fostering an investment-friendly environment for climate initiatives. This initiative not only aligns with the transformation of Pakistan’s financial sector but also paves the way for attracting green investments at scale.”
The UK has played a key role in bringing today’s Bond to market, including through specialist expertise to help structure it. Karandaaz Pakistan was also created with significant UK support. British High Commissioner, Jane Marriott, CMG OBE, said: “This Green Bond is a brilliant example of how intelligent financial innovation can drive both private sector-led economic growth and greater climate resilience. Pakistan needs $348 billion by 2030 to adapt and make the green transition, so the need to mobilise climate finance has never been more urgent. Congratulations to those who have helped to deliver today’s Bond, which is good for the economy and good for the planet.”
Waqas ul Hasan, CEO of Karandaaz Pakistan, described the bond as “not just a milestone for Karandaaz and Parwaaz Financial Services but a defining moment for the entire financial sector of Pakistan. Karandaaz is proud to lead the way in mobilizing capital for green investments, ensuring financial instruments work for both economic progress and environmental sustainability. We will continue to strive for instruments which enable capital allocation to development outcomes of the country.”