Papua New Guinea
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IFC deal to boost PNGX fortunes

This follows an agreement between the IFC and PNGX, through which the IFC will provide additional advisory services to PNGX, including reviewing its listing rules and other technical elements related to the issuance of corporate bonds.

PNGX chairman David Lawrence said: "We are pleased to be drawing on the IFC's global expertise to help develop PNG's capital market.

"This crucial programme is creating the potential for PNG investors and debt issuers to participate in a well-regulated, efficient and transparent corporate bond market, laying the groundwork for more international investment into the country and increased economic development across the nation.

"The reform programme will pave the way for the issuance of green and sustainability-linked bonds (SLBs), enabling PNGX to tap the rapidly growing sustainable debt market.

"Green bond issuance surpassed $1.5 trillion (about K5.28 trillion) last year, reflecting surging appetite among investors."

IFC Pacific executive Paramita Dasgupta said the IFC was pleased to see PNGX taking steps that would help it offer sustainable investment options.

"We need to build the capacity of capital markets, which are crucial conduits for investment and economic growth and are also an absolutely essential tool to finance the transition to net zero.

"That means rolling out green bonds, sustainability-linked bonds and other sustainable debt initiatives much more broadly," Dasgupta said.