Bahrain Steel, a subsidiary of Bahrain-based Foulath Group, has secured a $450 million sustainability-linked loan (SLL) from a consortium of banks in line with environmental, social and governance (ESG) principles, making it the world’s largest A warehouse was constructed. Solar panels on the roof.
Mashreq, who is the loan’s sole facilities and sustainability coordinator, said in a press statement that the loan will be implemented with a set of relevant key performance indicators (KPIs) and ambitious sustainable performance targets (SPTs) throughout its seven-year term. It said that it would be tracked in light of the following.
Proceeds from this financing will also be used to meet working capital requirements.
The SLL framework will incentivize Bahrain Steel to exceed its greenhouse gas (GHG) emission reduction obligations and accelerate the company’s transition to low-carbon operations.
Meshari Al Judaimi, Chairman of Bahrain Steel, said the strategic funding will enable the company to accelerate its efforts towards significantly reducing carbon emissions and will strengthen the company’s commitment to sustainable practices in the steel industry. He said that it can strengthen the
(Written by P Deol, Edited by Anoop Menon)
(anoop.menon@lseg.com)
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