The International Monetary Fund (IMF) has issued a $134 million Komodo Green Bond to help tsunamic-ravaged Indonesia combat climate change.
The Fund said, yesterday, in the island-city of Bali, Indonesia, that it was the first such green Komodo Offshore Rupian -dominated issuance by a multilateral development bank for investment into climate projects in Indonesia.
The Rupian is the currency of Indonesia. The five-year green bond which would be listed on both the London and Singapore Stock Exchanges would support the local currency market in Indonesia to fund the first-ever green bond issued in that country by an IFC client.
The proceeds would finance underlying infrastructure and climate -related projects, in accordance with Green Bond Principles, the Fund stated.
According to the IFC Vice President in charge of Asia and the Pacific, Nena StoiijKovic, said, “The issuance of IFC’s green bond underscores our commitment to support Indonesia in achieving environmentally sustainable economic growth “, adding, “the bond allows us to mobilise international funding into Indonesia’s climate -friendly projects and we intend to replicate and scale up this model to address the country’s climate challenges.”
Rescue officers have put the figure of casualties in the Indonesian tsunami at close to 2,000 with many more yet to be accounted for.
About 340, world financial and economic leaders, have begun to converge on Bali, where they would chat the way forward for the global economy.
“This is not the first time Bali is hosting such international events as Asia Pacific Economic Council (APEC), but this is considered a big one because there will be 34,000 gathered in Nusa Dua, Bali to participate in the annual meetings.
“Ty hosting the meeting, finance and central bank Governors and Minister of Finance from across the world are putting their eyes on Indonesia, particularly Bali. We have Bali declarations. In the global focus, there are economic issues. We hope to come up with a breakthrough to respond to the global uncertainties in the world economies.
“There will be discuss by the 189 ministers of finance and another 189 central bank governors to discuss the Bali declarations. We will come up with new human capital index for the globe,” the Minister of Communications and Information Technology of the Republic of Indonesia, Rudiantara, said, yesterday.
The new Minister of Finance, Mrs. Zainab Ahmed, is leading the Nigerian delegation to the Annual Meetings.
Rudiantara who is also the Deputy Chairman of the Organising Committee of the Annual Meetings said that his country has spent a lot of resources to adequately prepare the city for the event.
According to him, that country’s economy would be greatly enhanced by the visit of the large delegates from across the world.
“It will spur economic activities and grow our GDP. There will be money for the hotels, restaurants, transportation, among others. This also will increase the GDP of the Bali region. The study conducted by the Ministry of National Planning suggests GDP will increase by 0.64per cent. It will raise to more than 6 per dent 2018.
