A bank in Lebanon has issued the first green bond in the country, worth $60 million (£43.6m).
Fransabank SAL’s issuance represents the first tranche of its $150 million (£109m) bond programme and aims to promote environmentally-friendly projects and fight climate change.
The International Finance Corporation (IFC), a member of the World Bank Group, invested $45 million (£33m)and has board approval for a further $30 million (£22m).
The European Bank for Reconstruction and Development (EBRD) has also provided $15 million (£11m).
Fransabank Chairman Adnan Kassar said: “Our green bond issuance, the first in Lebanon and the Levant region, falls within our Green Strategy which we have been implementing for around a decade and that consist of supporting private sector investments in clean industrial energy efficiency, green buildings and renewable energy projects.”