World Bank has announced a €1.5 billion (£1.3bn) 10-year Sustainable Development Bond in Ireland.

The money has been raised from institutional investors around the world in order to finance the bank’s activities working towards the UN’s Sustainable Development Goals.

Barclays, J.P. Morgan, Natixis and TD Securities are the lead managers for the transaction and the bond will be listed on the Luxemburg Stock Exchange – an application has also been made to list it on Euronext Dublin.

The bond was oversubscribed with orders from 69 investors reaching a total of around €2 billion (£1.75bn).

The move highlights Ireland’s role in sustainable finance efforts to channel more institutional savings towards sustainable projects around the globe, as well as the World Bank’s goals of ending extreme poverty by 2030 and working towards a fairer and more sustainable world.

The bank says the bond offers an attractive opportunity to align financial and social objectives, something it believes is becoming increasingly important to investors.

The organisation notes the bond offering also aligns with Ireland’s key focus areas for development: prioritising gender equality, reducing humanitarian need and strengthening climate action.

Jingdong Hua, World Bank Vice President and Treasurer, said: “This bond demonstrates strong interest and commitment of investors to support the Sustainable Development Goals through World Bank bonds.

“We appreciate their continued support and the collaboration with our Irish partners as we work together to leverage the capital markets and connect finance to a more equal, peaceful and sustainable world.”