Pakistan, Sept. 16 -- Pakistan has won an international award for issuing its first sustainable sovereign Panda Bond. Finance Ministry adviser Khurram Shahzad announced the development in a statement. He said investor demand for the bond reached five times the offered amount.

The award recognizes Pakistan's first sustainable sovereign Panda Bond issuance. The bond also helped Pakistan enter China's domestic capital market. Shahzad said the development expanded Pakistan's access to major institutional investors.

He said the Panda Bond also strengthened financial ties between Pakistan and China. The issuance created new opportunities for cooperation between the two countries. It also provided Pakistan with greater access to China's financ...