October 3 (SeeNews) - North Macedonia's finance ministry said on Tuesday it sold 600 million denars ($10.2 million/9.8 million euro) worth of two-year green bonds at an auction, as demand exceeded supply almost three-fold.
The issue attracted bids worth over 1.6 billion euro from banks, financial institutions and individual investors, the finance ministry said in a press release.
The bonds carry a fixed interest rate of 4.75% per year.
The finance ministry will use the funds from the bond issuance to support green corporate projects through the Energy Efficiency Fund of the Development bank of North Macedonia.
In July, the ministry sold 1.448 billion denars worth of two-year civic development bonds carrying a fixed interest rate of 5% per year.
The civic development bonds and the green bonds are new instruments on the domestic securities market introduced as part of the country's new Public Debt Management Strategy. The strategy also foresees the issuance of new type of bonds for infrastructure projects, North Macedonia's finance minister Fatmir Besimi told SeeNews in a recent interview.
(1 euro = 61.54 denars)