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Landmark Group signs first sustainability-linked loan with Standard Chartered

YarnsandFibers News Bureau 2022-04-06 02:18:45 – United Arab Emirates

Landmark Group, based in the United Arab Emirates, has signed its first sustainability-linked loan as part of its plan to switch to sustainable finance for the majority of its operations.

Landmark Group has signed up for Standard Chartered's 'Sustainable Account concept,' which will help the company integrate sustainability into its banking operations. Deposits in sustainable accounts are linked to projects that Standard Chartered has financed across its global reach.

During a meeting between Renuka Jagtiani, Chairwoman and CEO of Landmark Group, and Bill Winters, CEO of Standard Chartered Bank Group, the company pledged to convert all of its treasury instruments with the bank to sustainable wherever practicable. Landmark has pledged that any proceeds from sustainable finance will be used to fund more sustainable initiatives.

Rajesh Garg, Group Chief Financial Officer at Landmark Group, said that this announcement of their first sustainability-linked loan, as well as their pledge to progress toward green finance products whenever possible, is the latest demonstration of our wider commitment to people and plane

Rola Abu Manneh, CEO, Standard Chartered UAE,, said that they’ve been partnering with Landmark Group throughout the Middle East and Asia for 30 years, and moving towards sustainable finance is a natural extension of their long-standing partnership.

According to Strategy& Middle East, a member of the PwC network, developing the right structure and mechanisms for green finance may generate $2 trillion in cumulative GDP contribution, over one million jobs, and foreign direct investment in sustainable businesses.

Aurelien Vincent, Partner with Strategy& Middle East, said that the GCC countries have among the world's highest sun exposures. They can also see strong prospects in green hydrogen, where production technologies are readily available, lowering entry barriers. According to their analysis, green investments in six important GCC industries could have a substantial socioeconomic impact, with the potential to create over one million skilled jobs and boost foreign direct investment in highly sustainable industries.

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