MTC Advises On Pakistan’s First PKR Denominated Green Bond

Mohsin Tayebaly & Co. was engaged as transaction legal counsel with respect to the issuance of Pakistan’s first PKR denominated Green Bond by Parwaaz Financial Services Limited in the form of rated, secured and privately placed (intended to be subsequently listed) Term Finance Certificates in the aggregate amount of PKR 1,000,000,000/- (Pak Rupees One Billion).

Karandaaz Pakistan is serving as the Lead Advisor for the Green Bond, which has received technical assistance funding from MOBILIST (a UK government programme) and strong investor confidence, with commitments from Allied Bank Limited, Bank Alfalah Limited, The Bank of Khyber, Saudi Pak Industrial and Agricultural Investment Company Limited, Pak Oman Investment Company Limited, Pak China Investment Company Limited, Pak Brunei Investment Company Limited, Pak Libya Holding Company (Private) Limited and Alfalah Insurance Company Limited.

The Green Bond is expected to finance 20 MW of clean energy, avoid 30,000 tonnes of CO₂ emissions, support 2,000 jobs per year, generate PKR 3 billion in annual SME revenue, and contribute PKR 1.5 billion yearly to Pakistan’s GDP.

MTC is proud to be acting as the legal advisor on this novel transaction and is committed in assisting and advising on climate finance efforts in Pakistan and strengthening the country’s green investment ecosystem.

The Firm’s scope of work includes advising on the legal and regulatory framework, structuring of the green bond, drafting of all transaction documents and full scope investor side advisory.

MTC’s team in this matter is being led by Vaseeq Khalid (Partner) and includes Arsalan Abid Bachani (Associate).