MENAT banking group Emirates NBD has inked an ESG-linked working capital facility with Landmark Retail, marking the first time a private sector company has signed a bilateral sustainability-linked loan in Saudi Arabia.
This is the second ESG-linked facility between Emirates NBD and Landmark Retail, following its decision to transition from its working capital facility to a sustainability-linked loan in 2022.
According to a statement this week, the ESG-linked objectives are:
- Increasing the contribution of renewables in Landmark’s energy utilisation and
- Increasing the composition of sustainable materials in its retail products.
Further details on these objectives were not shared.
“This milestone agreement underscores our shared commitment to environmental stewardship and driving meaningful change through ESG-linked solutions. By partnering with leaders like Landmark to formulate bespoke sustainability-focused structures, we are paving the way for sustainable transition and reinforcing our role as a leader in steering impact on business models contributing to a greener future in the Kingdom,” said Pri Mcnair, Group Co-Head of Corporate Coverage, Emirates NBD, said.