BEIJING -- China Development Bank, one of the country's policy banks, has issued 12 billion yuan ($1.69 billion) of green bonds to boost the green transformation of infrastructure.

Raised funds will go towards green projects, including the urban environmental infrastructure and the construction and operation of the urban and rural public transportation system.

It is estimated that these projects could help cut carbon dioxide emissions by around 59,200 metric tons and reduce standard coal consumption by 29,500 tons per year.

With a three-year maturity and an interest rate of 2.11 percent, the bonds were issued in the interbank bond market. The subscription ratio reached 4.41 times.

So far, the bank has issued green financial bonds with a total value of about 156 billion yuan.