The World Bank raises €1.5bn for Global Sustainable Development Bond

The Washington D.C.-based financial institution, The World Bank, has raised €1.5bn (US$1.67bn) for a new bond.

The 10-year bond, dubbed the Global Sustainable Development Bond, aims to help achieve the UN’s Sustainable Development Goals (SDGs).

The 10-year bond will be listed on Euronext Dublin and the Luxemburg Stock Exchange, edie.net reported.

The bond, whose lead managers include Barclays and J.P. Morgan, was oversubscribed – almost 70 investors placed orders totalling €2bn (US$2.23bn).

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“We welcome the World Bank’s new sustainable development bond to raise awareness for SDGs that are aligned with our priority areas of prioritising gender equality, reducing humanitarian need, climate action, and strengthening governance,” stated Paschal Donohoe, Ireland’s Minister for Finance and Public Expenditure.

The framework for the UN’s SDGs was unveiled in 2015 – since, more than $4trn in assets have been pledged to the goals from 193 countries and 9,000 companies and investors.

The World Bank issued its first green bond in 2017. The set of bonds linked financials to businesses adhering to the SDGs.

The financial institution has since launched green bonds for energy storage and water stewardship.