In this file photo dated Dec 14, 2022, Kelly Bird, Philippines Country Director of Asian Development Bank, talks during an economic briefing at the ADB headquarters in Mandaluyong, Metro Manila. (PHOTO / XINHHUA)

MANILA — The Asian Development Bank (ADB) on Friday said it has raised 35 billion Mongolian togrog (MNT) (about 10.2 million US dollars) in its first health bond denominated in the local currency of a borrowing member.

The bond carries an 11.25 percent semi-annual coupon with a two-year bullet maturity, denominated in MNT and settled in US dollars. The bond issue was underwritten by ING Bank NV and was placed 100 percent with asset managers based in Europe.

ADB also issued local currency gender bonds and green bonds in Kazakhstan tenge and Georgian lari

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The ADB said the proceeds will fund ADB's Intermed Hospital Expansion Project for International Medical Center LLC in Mongolia. The project aims to bring quality health care to middle-class Mongolians and improve medical accessibility for distant communities.

Since 2004, the ADB has been issuing local currency bonds to contribute to local bond market development in Asia and the Pacific.

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In 2023, the ADB also issued local currency gender bonds and green bonds in Kazakhstan tenge and Georgian lari.