RIYADH: Saudi Electricity Company (SEC) has agreed a $500 million green lending facility.
The financing was guaranteed by the Japan Bank for International Cooperation (JBIC), to support SEC’s green projects across its transmission and distribution networks, the utility said in a stock exchange filing on Thursday. Several other Japanese banks participated in the 12-year facility, including MUFG and Bank of Yokohama.
Sustainability-linked green lending is gaining traction in the Gulf states as corporations respond to the growth in ESG investing.
“In the Gulf, sustainable development is increasingly important as governments focus on environmental, social and governance issues and attempt to implement strategic vision plans to diversify their economies, which include measures to boost renewable energy generation,” S&P said in a report last year.
Saudi Electricity agrees $500m green credit facility in ESG push
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Saudi Electricity agrees $500m green credit facility in ESG push
- Sustainability-linked green lending is gaining traction in the Gulf states as corporations respond to the growth in ESG investing
India seals $3bn LNG agreement with UAE
- Leaders hold talks to strengthen trade, defense ties
NEW DELHI, DUBAI: India signed a $3 billion deal on Monday to buy liquefied natural gas from the UAE, making it the Gulf country’s top customer, as the leaders of both countries held talks to strengthen trade and defense ties.
The agreement was signed during a very brief two-hour visit to India by UAE President Sheikh Mohammed bin Zayed Al-Nahyan for talks with Indian Prime Minister Narendra Modi.
They pledged to double bilateral trade to $200 billion in six years and form a strategic defense partnership.
Abu Dhabi state firm ADNOC Gas will supply 0.5 million tonnes of LNG a year to India’s Hindustan Petroleum Corp. for 10 years, the companies said.
ADNOC Gas said the agreement brings the total value of its contracts with India to over $20 billion.
“India is now the UAE’s largest customer and a very important part of ADNOC Gas’ LNG strategy,” the company said.
The UAE is India’s third largest trading partner and Sheikh Mohammed was accompanied by a government delegation that included his defense and foreign ministers. The two sides signed a letter of intent to work toward forming a strategic defense partnership, India’s Foreign Secretary Vikram Misri told reporters.
Misri, however, said that the signing of the letter of intent with the UAE does not mean that India will get involved in regional conflicts.
“Our involvement on the defense and security front with a country from the region does not necessarily lead to the conclusion that we will get involved in particular ways in the conflicts of the region,” he said.
