Mashreq and Galadari Brothers Partner on Green Loan
Mashreqbank PSC
Mashreq, a leading financial institution in the MENA region, has joined forces with Galadari Brothers Co. LLC, a prominent UAE-based conglomerate, to secure their inaugural green loan facility—a significant leap towards promoting environmental sustainability.
This collaboration underscores the unwavering dedication of both entities to curbing energy consumption and addressing the pressing issue of climate change.
Joel Van Dusen, Head of the Mashreq Corporate & Investment Banking Group, expressed enthusiasm about supporting Galadari Brothers on their path to a more sustainable future.
Mashreq's green loan presents an opportunity for the Group to actively reduce emissions and embrace decarbonisation. Van Dusen highlighted that this partnership reflects Mashreq's commitment to fostering positive environmental changes. By integrating sustainability objectives into loan terms, the collaboration aims to inspire other companies to incorporate energy efficiency goals into their operations.
The funds from the sustainable finance initiative will be channelled towards supporting green retrofits and implementing energy-efficient technologies in Galadari Brother’s flagship hotel property in Sri Lanka. This dedicated "green tranche" is anticipated to yield a substantial reduction in emissions and energy consumption, signalling a pivotal step towards the decarbonisation of the Group's assets and establishing a new benchmark for eco-conscious business practices.
Mohammed Abdullatif Ibrahim Galadari, Co-Chairman and Group CEO of Galadari Brothers, emphasised that the collaboration with Mashreq goes beyond a traditional financial agreement.
Together, the two entities are forging a sustainable partnership with the shared goal of creating a more environmentally conscious future. Galadari Brothers, recognising the significant importance of contributing to a sustainable environment, has appointed an ESG consulting firm to meticulously assess the Group's carbon footprint, establish benchmarks, define KPIs, and drive their sustainability initiatives forward.
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Source: IBS Intelligence
