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Adib Joins Consortium In Sealing $480m Deal To Fund Green Saudi Initiative | |
| Staff Writer |
The inclusion of Abu Dhabi Islamic Bank in the latest consortium deal has sealed worth $480 million to fund green initiatives in Saudi Arabia.
ADIB is slated to contribute $61 million of the total amount in its first-ever financing of green projects in the Kingdom, it said in a statement. This will give further impetus to the treatment of wastewater.
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In cooperation with Mitsubishi UFJ Financial Holding Co., Alinma Bank, Riyad Bank, and Siemens Bank, the funds are to be assigned to three wastewater treatment plants serving 2 million people.
“The treated water will contribute to efforts to conserve freshwater resources allocated to agriculture, and it is expected that the daily provision of water will directly contribute to the country’s water security,” the bank said.
“Financing these projects is an important part of efforts to develop green infrastructure in Saudi Arabia, and in line with our vision of being the most innovative Islamic bank in the world,” said Michael Davis, global head of commercial banking at ADIB.