Jakarta (VNA) – Indonesia has introduced Green Sukuk, an Islamic bond used for financing environmentally-friendly projects, at the ongoing International Monetary Fund-World Bank (IMF-WB) annual meetings in Nusa Dua, Bali.

Speaking at a seminar entitled “Green Finance for Sustainable Development” on October 9, Indonesian Finance Minister Sri Mulyani Indrawati expressed her confidence that the Green Sukuk bonds will have an important role in securing sustainable development.

In a discussion with World Bank Vice President Arunma Oteh on cooperation between the government and private firms to boost economic growth without sacrificing the environment, she revealed that the Indonesian Government issued Green Sukuk in March 2018 and has collected 1.25 billion USD in funds to finance environmentally-friendly projects.

Meanwhile, Oteh said that she supported Sri Mulyani’s statement, stressing that the financing scheme looked promising for the continuation of green projects.

“The world is now focusing on projects that are based on sustainability. If governments worldwide can fully commit to protecting the environment, many international investors will be looking to invest in their projects,” she said.

The annual IMF-WB annual meetings are taking place in Bali, Indonesia, from October 8-10. The ASEAN Leaders’ Gathering (ALG) is scheduled on the sidelines of the meetings. It is organised under the initiative of host Indonesia, and will be co-chaired by Indonesian President Joko Widodo and Singaporean Prime Minister Lee Hsien Loong.–VNA