DETROIT: General Motors Co. secured an $ 11 billion revolving credit facility, more than doubling its financial cushion and further strengthening the balance sheet of the largest US automaker.
The additional liquidity comes as GM works to stanch losses at its Opel brand in Europe. GM recently said it was aiming to break even in Europe by the middle of the decade.
The new credit facility replaces a $5 billion line the company secured more than two years ago in the run-up to its initial public offering in November 2010.
The $ 11 billion facility offers better terms as well as the ability to borrow in currencies other than the US dollar, GM said in a statement.
“The new revolver provides a significant source of backup liquidity and financial flexibility, further bolstering our fortress balance sheet,” Chief Financial Officer Dan Ammann said.
The deal gives GM a credit facility comparable to those of other companies close to its size, GM spokesman Dave Roman said. Ford Motor Co, the No. 2 US automaker, boosted its credit facility to $ 9.3 billion earlier this year.
GM’s new credit line consists of a $ 5.5 billion three-year facility and another $ 5.5 billion that matures in November 2017. Its earlier $ 5 billion facility would have matured in 2015.
GM Financial, GM’s in-house finance company, can borrow under the facility.
Thirty-five banks from 14 countries participated in the facility. Ammann said this signaled the financial community’s confidence in GM’s financial condition.
Earlier this year, GM was seeking a credit facility of as much as $ 10 billion, according to people familiar with the matter.
The US presidential race has repeatedly thrown GM into the spotlight, spurring debate about the effect of the company’s 2009 bankruptcy restructuring.
The US government poured $ 50 billion into GM during the financial crisis to help the one-time blue chip avoid liquidation. The US Treasury nearly halved its GM stake during GM’s IPO but still owns 500 million common shares.
GM clinches $11 bln credit facility amid Opel overhaul
GM clinches $11 bln credit facility amid Opel overhaul
Sustainability Forum Middle East spotlights Saudi role in driving climate finance deployment
MANAMA: Saudi Arabia’s growing influence over sustainable finance and climate-aligned investment was a central theme at the Sustainability Forum Middle East, as regional banks, investors, and policymakers signaled a shift from climate pledges to market execution.
The fourth edition of the forum, held in Bahrain under the theme “Advancing Alignment, Innovation, and Implementation for Energy and Climate Transformation,” brought together more than 500 participants and over 50 speakers from government, finance, energy, and industry.
While the agenda covered climate diplomacy and national strategies, the dominant conversations this year centered on capital deployment, bankability, technology, and the commercial realities of the energy transition.
Saudi Arabia’s role in shaping that transition was repeatedly highlighted, particularly through its efforts to structure green finance instruments, integrate sustainability into Vision 2030 programs, and scale renewable energy ambitions. Global banks at the forum pointed to the kingdom as a key driver of demand for credible sustainable finance frameworks in the Gulf.
“Saudi Arabia has demonstrated clear leadership through Vision 2030 and its green financing frameworks,” Lina Osman, managing director and head of sustainable finance for the Middle East, Africa and Pakistan at Standard Chartered, told Arab News.
“The Public Investment Fund’s green bond issuance is a clear demonstration of the value of the opportunity that is available in Saudi Arabia and how Saudi Arabia is seizing that opportunity,” she added.
Osman also noted that Saudi Arabia’s target of sourcing 50 percent of its electricity from renewables represents a “true demonstration of leadership in sustainability,” adding that financing instruments will need to evolve to serve those ambitions.
She said the bank has been customizing sustainable finance structures for Gulf Cooperation Council clients as the market becomes more sophisticated and sector-specific.
Organizations at the forum said the region has moved beyond ESG signaling and into discussions about return profiles, risk pricing, and revenue impact.
“Financial institutions are now focused on how sustainability generates value — reducing costs, building resilience, and boosting revenue. Previously, it was mostly window dressing,” said Ian McCallum, chief sustainability officer at Bank ABC.
Speaking to Arab News, he added that Saudi Arabia is playing a “significant role in shaping the direction of sustainable finance by continuing to strengthen ESG regulatory and disclosure requirements.”
Speakers from private markets and venture capital also pointed to Saudi Arabia as an emerging market for climate technologies that are moving from pilot phase to commercialization.
Investors highlighted carbon removal, energy optimization, and AI-enabled climate solutions as areas where the Kingdom’s scaling capacity and demand for industrial decarbonization make deployment feasible.
Beyond finance, the forum examined how the GCC can accelerate industrial decarbonization through AI integration, carbon capture, supply chain reform, and the expansion of renewables.
Panels explored how sovereign strategies and industrial policy are aligning across the region, with Saudi Arabia’s energy transition goals seen as an anchor for cross-border capital flows.
The event saw memorandums of understanding and multi-sector partnerships intended to translate national ambitions into deployable projects.
Organizers said the agreements reflect a shift toward implementation, positioning the Gulf as a market where climate action is increasingly tied to competitiveness, industrial growth, and long-term economic resilience.
