Saudi Arabia appoints advisers on green debt issuance: Al-Jadaan

Minister of Finance Mohammed Al-Jadaan

Saudi Arabia has appointed financial advisers for a planned green debt issuance but is yet to determine the format, Reuters reported, citing Minister of Finance Mohammed Al-Jadaan.

The Kingdom has multiple green projects and many solar, wind and power plants that require financing, he said, adding there are numerous new plans in the pipeline.

Al-Jadaan said Saudi Arabia is still to decide on details of the financing, such as whether the new funding will be syndicated, bonds or sukuk, local or international.

"We are working that out and we will be announcing it very soon," he said.

The minister said that Saudi Arabia's economy was recovering well from the COVID-19 pandemic, expecting the non-oil economy to grow between 4.7% and 5% this year, with overall GDP growth at 2.8%.