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Standard Chartered Bank said on Monday it has executed its first ESG (Environmental, Social, and Governance) ‘Use of Proceeds’ repurchase agreement transaction (repo) with the Saudi National Bank.
The bank said the $250 million transaction was the first in the Middle East, North Africa and Pakistan (MENAP) region, and amongst the first few globally where the repo financing proceeds were allocated towards ESG assets.
The Saudi National Bank, the largest financial institution in the kingdom, will be allocating the proceeds of the financing towards several large renewable energy projects and green initiatives in Saudi Arabia and wider GCC region.
(Writing by Brinda Darasha; editing by Seban Scaria)
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