Finance Minister Muhammad Aurangzeb has departed for China to attend the official ceremony for Pakistan’s inaugural Panda Bond issuance in Beijing, the Ministry of Finance said in a statement.

The ministry described the issuance as a “landmark development” through which Pakistan is gaining access to China’s domestic capital market for the first time, calling China’s bond market “one of the largest and deepest capital markets in the world”.

The ceremony will be held at the Pakistan Embassy in Beijing.

According to the statement, the issuance marks “a major milestone in Pakistan’s financial strategy” aimed at diversifying financing sources, strengthening investor confidence and expanding Pakistan’s presence in international financial markets.

“Pakistan is steadily moving towards market-based financing alongside traditional funding avenues,” the ministry said, adding that access to the Chinese capital market reflected “the country’s economic recovery and the growing confidence of global investors in Pakistan’s economy”.

The overall Panda Bond programme has been set at $1 billion, while the inaugural issuance will amount to $250 million equivalent.