KARACHI: Pakistan on Monday marked a milestone in its sustainable finance landscape with the listing of the country’s first rupee-denominated green bond on the Pakistan Stock Exchange (PSX), a statement said.
Developed with technical assistance from the UK government’s MOBILIST programme, the Parwaaz Financial Services Limited (PFSL) green bond is designed to mobilise private capital for climate-aligned investments across renewable energy, clean agriculture and green transportation.
The listing was commemorated at a gong ceremony in Islamabad, bringing together senior representatives from the Ministry of Finance (MoF), Ministry of Climate Change and Environmental Coordination (MoCC&EC), Pakistan Stock Exchange Limited (PSX), Securities and Exchange Commission of Pakistan (SECP), Karandaaz Pakistan, Parwaaz Financial Services Limited (PFSL), and the British High Commission.
Speaking at the occasion British High Commissioner to Pakistan Jane Marriott said: “The UK is proud to have helped facilitate the Parwaaz Green Bond. This initiative demonstrates how innovative development finance can support local markets in mobilising private capital for investment in climate action and sustainable development.”
Khurram Schehzad, adviser to the federal minister of finance, highlighted that the Social Impact Framework by the Social Impact Financing Committee, established in 2024, supports initiatives like the green bond issuance. He emphasized that public financing alone cannot meet Pakistan’s development and climate needs, and mobilising private capital is crucial to achieving meaningful impact while strengthening capital markets and advancing social impact financing.
Karandaaz Pakistan has played a central role in enabling the development of market-based instruments for sustainable finance in Pakistan. Syed Salim Raza, chairperson of the Karandaaz Pakistan Board, affirmed: “This listing reflects the continued development of Pakistan’s sustainable finance ecosystem. It demonstrates the role that well-structured financial instruments can play in mobilising capital towards long-term economic and climate priorities.”
From a capital markets perspective, the listing reinforces the role of the PSX as a platform for innovative and sustainable financial instruments. Ruhail Muhammad, chairperson of Pakistan Stock Exchange Limited, stated: “The Pakistan Stock Exchange is committed to supporting innovative financial instruments that contribute to sustainable economic growth. The listing of this green bond will clearly reinforce Pakistan’s capital markets as an effective channel for climate finance.”
Speaking on behalf of the issuer, Javed Iqbal, CEO of Parwaaz Financial Services Limited, 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 towards projects generating tangible climate and economic impact.”
