HONG KONG (Reuters – Hong Kong will relaunch its first retail green bond in this month’s coronavirus epidemic to help raise funds up to HK$20 billion ($2.55 trillion), according the financial chief of the city.

A sale for HK$6Billion by the Asian financial hub was canceled last month due to rapid spreading of COVID-19.

In a blog posting, Paul Chan, Financial Secretary, stated that the three-year green bond will have a quota of HK$15billion from April’s new financial year. It can also be increased upon more subscription to HK$20billion.

According to him, the rate for the bond will rise from 2% in March to 2.5% and it will be available for subscription before the end.

In recent years, Hong Kong has intensified its efforts to be a leader in social and environmental governance. This includes the establishment of working groups that include government officials as well as global companies to create a talent pool.

However, its desire to grow into a centre for green and sustainable businesses is under threat by the strict COVID border controls. These restrictions make it difficult for financial institutions to hire specialist staff.

($1 = 7.8387 Hong Kong dollars)