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Mashreq partners with Galadari Brothers to promote green loan

By Delisha Fernandes

November 17, 2023

  • Central Bank of the UAE
  • email address
  • Fintech news

Mashreq, Nymbl, Instant Payment, merchants, Central Bank of the UAE, QR-based payments, email address, Instant Real Time Payments, SMEs, Fintech news, Fintech UAEMashreq, a financial institution in the MENA region, has partnered with Galadari Brothers Co. LLC, a UAE-based conglomerate, to obtain their inaugural green loan facility, signifying a substantial stride toward environmental sustainability.

The collaboration reflects the strong commitment of both organizations to to reducing energy consumption, thereby addressing the urgent concern of climate change.

Joel Van Dusen, Head of the Mashreq Corporate & Investment Banking Group, said, “We are delighted to partner and support Galadari Brothers on their journey towards a more sustainable future. Mashreq’s green loan will give an opportunity for the Group to take positive steps in reducing emissions and embracing decarbonization. This collaboration reflects our commitment to fostering positive environmental changes. By combining loan terms with sustainability objectives, we are championing a cause that will motivate other companies to incorporate energy efficiency goals into their operations.”

The sustainable finance will be directed to support green retrofits and energy efficiency technologies in Galadari Brother’s flagship hotel property in Sri Lanka. The dedicated “green tranche” is expected to usher in a substantial reduction in emissions and energy consumption, thus paving the way for the decarbonization of the Group’s assets and setting a new standard for eco-conscious business practices.

Mohammed Abdullatif Ibrahim Galadari, Co-Chairman and Group CEO of Galadari Brothers, said, “Our collaboration with Mashreq on this transaction is much more than a conventional financial agreement; together, we are forging a sustainable partnership aimed at creating a more environmentally conscious future. At Galadari Brothers, we recognize the immense significance of contributing to a sustainable environment, a commitment further reinforced by our appointment of an ESG consulting firm to meticulously evaluate the Group’s carbon footprint, benchmark, establish KPIs and drive our initiatives forward.”

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