RIYADH: Apicorp, the Arab multilateral energy investment bank, is planning to issue green bonds or sukuk as early as next year to support plans to grow its renewable energy assets by $1 billion by 2023.

The company, which just finished an issuance of $750 million in green bonds, is traditionally known for its financing of oil, natural gas, and downstream projects.

The Saudi Arabia-based bank is now becoming very aggressive in building a sustainable and renewable portfolio after it increased its funding for green projects by a staggering 500 percent over the last five years, Ahmed Ali Attiga, chief executive officer, told Arab News in an interview.

"Now we have around 15 percent of our total portfolio in green and non-conventional and renewable assets, up by 500 percent over the past five, six years," he added.

In spite of its green plan, Apicorp is still planning to issue sukuk or bonds as early as Spring 2022 to finance its conventional and non-conventional projects, he added.

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