DUBAI, 28th February, 2023 (WAM) -- The Industrial and Commercial Bank of China Limited (ICBC), the world's largest bank by assets, celebrated the listing of four green bonds worth a total value of US$2.2 billion on Nasdaq Dubai, and Zhang Yiming, Ambassador of the People's Republic of China to the UAE, rang the market opening bell to mark the occasion.

Accompanying Zhang Yiming were Liu Zhengjie, Deputy Consul-General of China to Dubai, Luo Wei, General Manager of ICBC Dubai (DIFC) Branch, and Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM).

The carbon-neutrality-themed bonds, with tenors of 2 and 3 years, were issued by ICBC's branches in Dubai, Hong Kong, Singapore, and Sydney. ICBC is the first Chinese bank to start the year 2023 with a multi-branch and multi-currency capital markets transaction that saw strong and diverse demand from international investors.

The four green bonds are denominated in USD, CNH, and AUD, and ICBC plans to use the proceeds from the bonds to fund green financing in different jurisdictions and operations.

Zhang Yiming highlighted the significance of the ICBC's multi-currency carbon-neutrality themed bond listing, stating that it demonstrates Chinese enterprises' commitment and achievement towards the green economy and climate change in the region. He also expressed his hope that similar initiatives and listings in the future would further strengthen the China-UAE cooperation, particularly in the ESG sector.

Luo Wei emphasised the global commitment of ICBC to support green and sustainable development, noting that the bond listings in Dubai, Hong Kong, Singapore, and Sydney consolidate ICBC's position as one of the leading banks in Chinese offshore ESG bond issuances. With a total listing of US$4.88 billion of ICBC's green bonds in the UAE, he stated that the bank supports the country's efforts towards a net-zero target and its hosting of the COP28 climate summit.

Hamed Ali welcomed the new bond listings by ICBC, stating that they provide a promising start to 2023, the "Year of Sustainability" in the UAE, coinciding with the country's hosting of the COP28 conference. He also underlined the importance of Nasdaq Dubai's role in empowering the sustainable finance sector and enabling businesses to access funds and grow through the support of sustainable and green finance.

The new issuances raised the total value of ICBC's bonds listed on Nasdaq Dubai to US$6.09 billion. Accordingly, the total value of green and suitability-linked debt issuances on the international financial exchange increased to US$21 billion, reinforcing Dubai's position and growing status as a global sustainable finance hub.