HSBC arranges first Green ECA loan in Saudi Arabia
(Zawya, Dubai, 26 July 2020) The proceeds of the loan, which is the first Green ECA loan in Saudi Arabia, are being used to purchase buses from Germany for Saudi Arabia's public transport network. The buses will help reduce the greenhouse gas emissions and air pollution as well as alleviate traffic congestion in the metropolitan Riyadh area through a shift towards public transportation. The loan documentation confirms a commitment to report on positive environmental impacts of the underlying project. In recognition of the use of proceeds and reporting features of the facility, it is compliant with the “Green Loan Principles”, published by the Loan Market Association on 21 March 2018. This loan is supported by Germany's Euler Hermes.
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