Bahrain Steel, a prominent global supplier of high-grade iron ore pellets, has successfully secured a $450 million sustainability-linked loan (SLL).
This landmark seven-year transaction reflects the company’s strong commitment to environmental, social and governance (ESG) principles.
The funds will be used to support the construction and working capital needs of the world’s largest livestock warehouse with rooftop solar panels.
This strategic move is in line with Bahrain Steel’s focus on sustainability and reducing greenhouse gas emissions. The SLL Framework encourages companies to go beyond mandatory emissions reductions and implement climate change and environmental risk programs, and fosters a responsible corporate culture.
Mashreq, ABC Bank and Ahli United Bank played a key role in facilitating this groundbreaking initiative, underscoring their joint dedication to sustainable practices.
Meshali Al Judaimi, Chairman of Bahrain Steel, highlighted the importance of this partnership in advancing ESG initiatives and accelerating efforts towards a more sustainable future for the steel industry.
Ahmed Abdelal, Group CEO of Mashreq, said that Mashreq supports its customers in their sustainability efforts by meeting the expectations of conscious consumers and investors and providing customized sustainable financial solutions. He emphasized the company’s efforts.