Overview

• Citi and Deutsche Bank served as joint sustainability coordinators in developing the government’s sovereign framework.
• The structure aligns with ICMA principles for green and social bonds, Loan Market Association guidance for sustainable lending, and blue bond guidelines.
• Sustainable Fitch issued an independent second-party opinion grading the framework “Excellent,” with the review published on the Finance Ministry’s website.
• Coverage extends to sovereign bonds and international sukuks, with plans for periodic updates to reflect evolving standards and Pakistan’s ESG progress.
• Officials expect the approach to expand access to sustainable capital for climate adaptation, renewable energy and inclusive development, and it sits within a broader funding strategy that includes planned Panda Bonds.