Islamic Finance

Standard Chartered’s first green trade finance facility inaugurated in the UAE

Published 13 Sep,2021 via Arab News - Economy - Global bank Standard Chartered has carried out its first green trade finance facility in the UAE, working with solar generation business Amplus Energy Solutions FZE.

The company is a subsidiary of Amplus Solar, and the capital generation programme will help the firm with the implementation of sustainable practices across ecosystems, as well as building more resilient supply chains.

Rola Abu Manneh, chief executive officer of Standard Chartered UAE, said: “It is our pleasure to announce the bank’s first green trade facility for the Group in support of PETRONAS, and its UAE-based subsidiary, Amplus Dubai, in their progress towards adopting sustainable practices through the enhancement of their global trade processes.

"With our local expertise, international presence, and robust Sustainable Trade Finance Proposition, Standard Chartered is well positioned to support companies in developing sustainable and resilient supply chains, in line with our commitment to drive capital towards achieving the UN’s Sustainable Development Goals.”

Sanjeev Aggarwal, managing director and chief executive officer of Amplus Solar, said: “We look forward to growing our partnership with Standard Chartered, that now spans across our presence in India and Dubai.

"Moving ahead with the green financing facility, we are confident that we can further expand our green footprint across new regions and support companies in achieving their sustainability goals."

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