Pakistan lists its first green bond after MOBILIST support

Technical assistance from MOBILIST has contributed to a significant milestone in the development of Pakistan’s debt capital markets: the successful listing of the country’s first-ever PKR-denominated Green Bond on the Pakistan Stock Exchange (PSX).

Parwaaz Financial Services Limited (PFSL), a wholly owned subsidiary of Karandaaz Pakistan, marked the listing of its PFSL Green Action Bond through a Gong Ceremony held in Islamabad, bringing together key public and private sector stakeholders to advance Pakistan’s sustainable finance agenda.

The bond is designed to finance or refinance green projects in renewable energy, clean agriculture, and clean transportation. It channels investment into sustainable projects, strengthens investor confidence and reinforces the role of capital markets in driving the country’s green transition.

British High Commissioner to Pakistan, Jane Marriott CMG OBE, said: “The UK is proud to have helped facilitate the Parwaaz Green Action Bond. This initiative demonstrates how innovative development finance can support local markets in mobilising private capital for investment in climate action and sustainable development.”

British High Commissioner to Pakistan, Jane Marriott CMG OBE, speaking at the Gong Ceremony. 

Waqas ul Hasan, CEO of Karandaaz Pakistan, said: “The listing of the PFSL Green Bond has set a template for the private sector to follow, marking a demonstration in strengthening Pakistan’s sustainable finance ecosystem. Karandaaz remains committed to enabling instruments that channel private capital towards national development and climate-focused priorities.”

Pakistan faces a significant climate financing gap, requiring an estimated USD 19 billion annually to adapt to climate change and pursue a low-carbon growth path. The listing reinforces Pakistan’s capital markets as an effective channel for climate finance and the PSX as a platform for innovative and sustainable financial instruments.

Mr Farrukh H. Sabzwari, CEO of Pakistan Stock Exchange Limited, said: “This listing sets a precedent for future green issuances in Pakistan. As the market evolves, we expect to see increased participation in sustainable finance instruments that align investor capital with climate and sustainability outcomes.”

Mr Javed Iqbal, CEO of PFSL, said: “The PFSL Green Bond highlights capital markets’ role in supporting sustainable investments. Its listing boosts investor confidence with secure returns and liquidity, while proceeds are directed toward projects generating tangible climate and economic impact.”

MOBILIST Programme Lead, Ross Ferguson, congratulated Parwaaz and the PSX in a video message.

About the PFSL Green Action Bond

The PFSL Green Action Bond, rated AA- by PACRA, is a secured, medium-term financial instrument designed to finance or refinance green projects in renewable energy, clean agriculture, and clean transportation. The bond’s framework aligns with the Green Bond Principles (GBP) of the International Capital Market Association (ICMA) and the SECP’s Green Bond Guidelines, with an independent review conducted by the Pakistan Environment Trust (PET). A Green Bond Committee at PFSL ensures funds are allocated to eligible green projects and manages the proceeds to guarantee compliance with global green standards.