DUBAI (Reuters) – Standard Chartered Bank said on Monday it has executed a $250 million repurchase agreement transaction (Repo) based on ESG principles with the Saudi National Bank.
The transaction is the first in the Middle East, North Africa and Pakistan region, and among the first globally, where repo financing proceeds are allocated towards ESG assets, it said in a statement.
The Saudi National Bank, the largest bank in the Kingdom, will allocate the proceeds of the financing to several large renewable energy projects and green initiatives in Saudi Arabia and the wider Gulf region.
(Reporting by Saeed Azhar; Editing by Kirsten Donovan)
