SHANGHAI: China and the Asia Development Bank (ADB) have launched a green financing platform to support efforts by small- and medium-sized enterprises (SMEs) to cut pollution in the smog-hit Beijing-Tianjin-Hebei region, ADB said on Friday.
The area, home to six of China’s 10 smoggiest cities in the first quarter of this year, has promised to upgrade or shut vast swathes of polluting industry as it tries to meet 2017 air quality targets.
But financing the transition to cleaner energy has proved one of its biggest challenges, especially in poorer rural regions of Hebei, where the switch from coal to natural gas is expected to cost at least 300 billion yuan ($44.04 billion) over the period between 2016 and 2020.
The financing platform was launched by the ADB and the China National Investment and Guaranty Corporation (I&G), the State Development and Investment Corporation (SDIC), as well as China’s Finance Ministry and National Development and Reform Commission (NDRC).
The bank late last year approved a loan of €458 million ($510.58 million) for the platform, which it said will leverage €3.6 billion in domestic commercial financing.
According to Hebei delegates attending an annual session of the Parliament in March, the government is only expected to provide around 10-15 percent of the 3-4 trillion yuan of green investment China needs every year over the next five years.
China began to develop green financing in 2007 and more than 8 trillion yuan in “green credit,” used to finance clean projects, has been issued. However, environmental financing mechanisms remain inadequate, especially when it comes to tackling widespread soil and water pollution, and SMEs have also struggled to get funding.
“The reality is, even though SMEs realize the need to invest in cleaner production facilities, they often do not have access to finance,” said Ayumi Konishi, director-general of ADB’s East Asia Department, at a ceremony held in Beijing on Friday.
China selected five regions this week to take part in pilot government green financing schemes, the Cabinet said on Wednesday.
It promised to back financial institutions in their efforts to set up green financing businesses, encourage small loans and provide support to venture capital and private equity funds participating in green investment programs.
It also said it would explore new green credit mechanisms, including the granting of loans that accept emission trading earnings as collateral.
China, ADB launch green financing platform to fight pollution
China, ADB launch green financing platform to fight pollution
Closing Bell: Saudi main index rises to 10,894
RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward trend for a third consecutive day this week, gaining 148.18 points, or 1.38 percent, to close at 10,893.63 on Tuesday.
The total trading turnover of the benchmark index stood at SR6.05 billion ($1.61 billion), with 144 listed stocks advancing and 107 declining.
The Kingdom’s parallel market Nomu also rose by 81.35 points to close at 23,668.29.
The MSCI Tadawul Index edged up 1.71 percent to 1,460.89.
The best-performing stock on the main market was Zahrat Al Waha for Trading Co., with its share price advancing 10 percent to SR2.75.
Shares of CHUBB Arabia Cooperative Insurance Co. increased 8.27 percent to SR23.04, while Abdullah Saad Mohammed Abo Moati for Bookstores Co. saw its stock climb 6.17 percent to SR50.60.
Conversely, the share price of Naseej International Trading Co. declined 9.90 percent to SR31.48.
On the announcements front, Arabian Drilling Co. said it secured three contract extensions for land rigs with energy giant Saudi Aramco, totaling SR1.4 billion and adding 25 active rig years to its backlog.
In a Tadawul statement, the company said one rig is currently operational, the second will begin operations by the end of January, and the third — currently suspended — is expected to resume operations in 2026.
Since November 2025, Arabian Drilling has secured seven contract extensions amounting to SR3.4 billion, representing 55 committed rig years.
The three contracts have durations of 10 years, 10 years, and five years, respectively.
“Securing a total of SR1.4 billion in new contracts and expanding our backlog by 25 rig-years demonstrates both the trust our clients place in us and our ability to consistently deliver quality and reliability,” said Ghassan Mirdad, CEO of Arabian Drilling, in a statement.
Shares of Arabian Drilling Co. rose 3.15 percent to SR104.70.
Separately, Alkhorayef Water and Power Technologies Co. said it signed a 36-month contract valued at SR43.35 million with National Water Co. to operate and maintain water networks, pumping stations, wells, reservoirs, and related facilities in Tabuk.
In October, Alkhorayef Water and Power Technologies Co. announced it had been awarded the contract by NWC.
In a Tadawul statement, the company said the financial impact of the deal began in the fourth quarter of 2025.
The share price of Alkhorayef Water and Power Technologies Co. declined 0.49 percent to SR120.70.
