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Saudi Arabia working on green debt issuance: Finance Minister

Published: Updated:

Saudi Arabia has appointed financial advisers for a planned green debt issuance but has yet to decide on the format, Finance Minister Mohammed al-Jadaan said on Sunday.

He also said told Reuters in a virtual interview that Saudi Arabia's economy was recovering well from the COVID-19 pandemic and he expected the non-oil economy to grow between 4.7 percent-5 percent this year, with overall GDP growth seen at 2.8 percent.

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Authorities have no plans to adjust value-added tax, he said, after tripling it last year to 10 percent to offset the impact of lower oil revenue on state finances.

Speaking from Rome where he attended a summit of the Group of 20 major economies, Jadaan said the kingdom, the world's top oil exporter, was working towards a sustainable economy, revenues and energy sources.

“The sovereign has multiple projects that are green. We have a lot of solar, wind, power plants that require financing and we have multiple new plans in the pipeline ...,” he said.

He said Saudi Arabia had appointed financial advisers, but had yet to decide on details such as whether the financing would be syndicated, bonds or sukuk, local or international.

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

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