Sustainable Finance

Mazoon Electricity, First Omani Company to Publish Sustainable Finance Framework

Published on: 24 March 2022
by KnowESG

Mazoon Electricity, a business based in Oman, has published its Sustainable Finance Framework. The company is the first in Oman to disclose the framework, and it is the next step in its environmental, social and Governance journey in line with Oman Vision 2040. The company is a member of Nama Group.

Standard Chartered bank has been the sole mentor or structural advisor of Mazoon Electricity on its framework development.

The comprehensive framework will enable the Omani company to access green, social, and sustainable bonds, including Sukuk, loans and other debt instruments at the sustainable finance market.

The framework supports the International Capital Market Association's Green and Social Bond Principles, the Sustainability Bond Guidelines, and the Loan Market Association's Green and Social Loan Principles. One of the world's top certification bodies, DNV, has also independently assessed the framework and confirmed it is according to the principles.

The projects funded under the framework will kick start supporting Mazoon Electricity's sustainability agenda. The activities under the framework include supporting the growth of clean energy, enhancing energy efficiency through the installation of smart meters, and supporting electricity distribution infrastructure for those who are deprived of electricity.

Salim Said Al Kamyani, CEO of Mazoon Electricity, said: “We are delighted to have published our Sustainable Finance Framework and Second Party Opinion from DNV, making us the first Omani company to do so. This is testament to Mazoon Electricity’s mission towards delivering the sustainability agenda of the Sultanate and the strategic goals of Vision 2040.”

Ahmed Tufail Al Rahman, CFO of Nama Group, said: “Mazoon Electricity becoming the first company in Oman to publish a Sustainable Finance Framework is testament to Nama Group’s commitment to sustainability. Sustainable finance is key to meeting Nama Group’s Vision and ESG agenda, including its Sustainability Plan and Strategy for Renewable Energy.”

Hussain Yafai, CEO of Standard Chartered Bank, Oman, said: “Standard Chartered is proud to support Mazoon Electricity in becoming the first Omani company to publish its Sustainable Finance Framework. As a bank, we are committed to supporting our clients across our dynamic footprint in achieving their ESG goals, as we look to become Net Zero from our financing activities by 2050.”