The Islamic Republic of Pakistan has established its Sovereign Sustainable Finance Framework (“Framework”) to reinforce its commitment to sustainability and provide a structured approach for raising Sustainable Financing Instruments (including Green, Social, Sustainability). Through this initiative, Pakistan aims to enhance its participation in the global sustainable finance market while fostering the development of a robust sustainable financing ecosystem.
Developed with Citi Bank and Deutsche Bank as Joint Sustainability Coordinators, the Framework aligns with international standards, including ICMA principles for green, social, and sustainability bonds, loan market association principles for green and social loans, and blue bond guidelines from leading global institutions.
Sustainable Fitch has provided an independent Second Party Opinion (SPO) to ensure transparency and credibility. Pakistan’s Framework has been recognized as “Excellent” by Sustainable Fitch, reflecting its strong alignment with global best practices in sustainable finance. The SPO is publicly available on the Ministry of Finance’s website for reference.
This Framework will apply to any Sustainable Financing Instrument (including bonds, international sukuks) issued by the Government of Pakistan and will be in force until updated from time to time, to align with the latest market practices and the evolution of Pakistan’s ESG agenda. This strategic initiative is expected to improve Pakistan’s access to international sustainable finance, helping to accelerate the country’s transition towards a more resilient and inclusive economy.
