December 8, 2017 / 5:56 AM / a year ago

Philippines' BDO sells $150 mln green bonds; IFC sole investor

MANILA, Dec 8 (Reuters) - BDO Unibank Inc, the Philippines’ largest bank, said on Friday it has raised $150 million from a green bond sale, the first such issue by a local lender, with International Finance Corp (IFC) as the sole investor.

Proceeds will be used to expand BDO’s financing for climate change projects, including renewable energy, green buildings, and energy-efficient equipment, said a joint statement issued by BDO and IFC.

It was also the first green bond investment by IFC, a member of the World Bank Group.

“The pioneering green bond will provide an alternative source of long-term green finance in the country and contribute to the Philippines’ target of reducing carbon emissions by 70 percent by 2030,” the statement said.

Reporting by Enrico dela Cruz; Editing by Kim Coghill

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