Saudi Arabia appoints financial advisers for a planned green debt issuance

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DUBAI: Saudi Arabia has appointed financial advisers for a planned green debt issuance but has yet to decide on the format, Finance Minister Mohammed al-Jadaan said on Sunday.

He also said told Reuters in a virtual interview that Saudi Arabia’s economy was recovering well from the COVID-19 pandemic and he expected the non-oil economy to grow between 4.7-5 percent this year, with overall GDP growth seen at 2.8 percent.

Authorities have no plans for now to adjust value-added tax, he said, after tripling it last year to 15 percent to offset the impact of lower oil revenue on state finances.

Speaking from Rome, where he attended a summit of the Group of 20 major economies, Jadaan said the kingdom, the world’s top oil exporter, was working towards a sustainable economy, revenues and energy sources.

“The sovereign has multiple projects that are green. We have a lot of solar, wind, power plants that require financing and we have multiple new plans in the pipeline,” he said.

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