Finance Minister Constantinos Petrides on Wednesday that Cyprus is expected to join the list of countries that have issued green bonds, with the first issuance of green loans expected to arrive before the end of 2022.
“The Cabinet of Ministers has approved the decision for Cyprus to proceed with the issuance of a green bond by the end of the year,” Petrides said during his address at the annual general meeting of the Association of Cyprus Banks.
Petrides noted that this issue “will have an incredibly positive response from the rating agencies, as well as from the markets, because this signals the readiness of Cyprus to enter a new era”.
It is noted that the issuance of green bonds requires the evaluation of the projects that are due to be financed by the.
The evaluation will be carried out by an external consultant, who will certify that the projects meet the necessary specifications, while, at the same time, the appropriate monitoring mechanisms will have to be created.
The issuance of green bonds has gained momentum in recent years, with such investments expected to reach approximately $1 trillion in total valuation by the first quarter of 2023.
Source: Cyprus Mail