Ahmed & Qazi has successfully closed a PKR 32 billion (US$113 million) hashtag#green sukuk issue by the Ministry of Finance, Government of Pakistan, to finance green โป๏ธ development projects.
This marks a milestone for Pakistan’s climate finance and capital markets in several ways:
๐น ๐
๐ข๐ซ๐ฌ๐ญ ๐๐ข๐ฌ๐ญ๐๐ ๐๐ซ๐๐๐ง ๐๐ง๐ฌ๐ญ๐ซ๐ฎ๐ฆ๐๐ง๐ญ: constituting Pakistan’s ๐๐ข๐ซ๐ฌ๐ญ ๐๐ฏ๐๐ซ ๐ฅ๐ข๐ฌ๐ญ๐๐ ๐ ๐ซ๐๐๐ง ๐ข๐ง๐ฌ๐ญ๐ซ๐ฎ๐ฆ๐๐ง๐ญ, this is a landmark achievement for Pakistani capital markets. ๐น
๐น ๐๐๐ฐ ๐๐ฏ๐๐ง๐ฎ๐ ๐๐จ๐ซ ๐๐ฅ๐ข๐ฆ๐๐ญ๐ ๐
๐ข๐ง๐๐ง๐๐: successfully issued, this sukuk opens the door to an entirely new avenue for climate finance, both for the Government and the private sector. โป๏ธ
๐น ๐๐ก๐๐ซ๐ข๐๐ก-๐๐จ๐ฆ๐ฉ๐ฅ๐ข๐๐ง๐ญ ๐๐ง๐ฌ๐ญ๐ซ๐ฎ๐ฆ๐๐ง๐ญ: structured on an ijarah sukuk structure, this is also the first ever shariah compliant public sector green instrument of Pakistan.
๐น ๐๐ฒ๐๐ซ๐จ๐ฉ๐จ๐ฐ๐๐ซ: the initial projects identified under the sukuk are the Garuk Storage Dam, Naigaj Dam Project and the 26MW Shagarthang Skardu Hydropower Project, thereby pushing the envelope towards ๐ฐ๐๐ญ๐๐ซ ๐ข๐ง๐๐ซ๐๐ฌ๐ญ๐ซ๐ฎ๐๐ญ๐ฎ๐ซ๐ and the transition to hashtag#renewable energy. ๐
Having acted as issuerโs counsel for Pakistanโs first green debt instrument (the US$500mn WAPDA Green Bond led by JPMorganChase), Ahmed & Qazi played a pivotal role in this transaction and was responsible for structuring the deal, preparing all the required sukuk documentation and assisting in the finalisation and closing of the deal in coordination with Ministry of Finance, Government of Pakistan ๐ผ, State Bank of Pakistan (SBP) ๐ฆ, Pakistan Stock Exchange ๐น, Central Depository Company of Pakistan Limited ๐๏ธ, National Clearing Company of Pak Ltd. (NCCPL) and the JFAs.
A&Q team for this matter was led by Nazif Ahmed (Head โ Corporate) and Altan Ahmed (Managing Associate).
Arab News: https://lnkd.in/dZBnAaeq
The Express Tribune: https://lnkd.in/dEyrqtBt
