China's largest lender has issued its first green bonds focusing on Belt and Road inter-bank regular cooperation (BRBR) in its latest bid to support the initiative's development.
ICBC (Photo: VCG)
Issued Tuesday via its Singapore branch, the Green Belt and Road Inter-bank Regular Cooperation Bond were offered in three currencies, namely the Chinese yuan, the US dollar and the euro equivalent to $2.2 billion, according to the Industrial and Commercial Bank of China (ICBC).
The issuance of the bond aims to support the development of green projects under the BRI and boost the inter-bank regular cooperation in the region, according to ICBC.
It's also the world's second issuance of offshore RMB green bonds by financial institutions, ICBC added.
Established in 2017, the Belt and Road Inter-bank Regular Cooperation Mechanism has over 80 members from 45 countries and regions. About 80 percent of the BRBR green bond's 22 underwriters are BRBR members.