UAE banking major Mashreq signed Sustainability-Linked Facilities (SLF) in Qatar with Landmark Retail, a leading retail sector player in the Middle East.
This marks the first time a private sector company has signed a bilateral sustainability-linked loan in Qatar.
The key performance indicators linked to financing include Landmark Retail in boosting renewable energy capacity and implementing advanced energy management solutions for greater efficiency and energy savings.
It also includes responsible sourcing, waste reduction and recycling across Landmark Retail’s extensive operations.
The retailer aims to enhance responsible sourcing by expanding the use of Better Cotton in its products.
Tarek El Nahas, Group Head of International Banking, Mashreq, said the partnership with Landmark Retail marks a significant advancement in the bank’s commitment to sustainability and its contributions to the sustainable finance ecosystem in the Middle East.
“This partnership reaffirms our dedication to driving meaningful change in sustainable finance,” he said.
Rajesh Garg, Group Chief Financial Officer, Landmark Retail, said the company is committed to conducting its business responsibly, by driving positive changes to reduce the environmental impact of operations.
“Through our partnership with Mashreq, we aim to embed improved circular initiatives across our operations through renewable energy, circularity and responsible sourcing, marking another important milestone in our journey and in Qatar’s sustainability roadmap and ambitions,” he said.
The partnership will contribute to Mashreq’s commitment to facilitate $30 billion of sustainable finance by 2030.
It also adds to the bank’s recent agreement to lead the $3.25 billion debut Leverage Buyout sustainability-linked financing for GEMS Education, the region’s largest sustainability-linked financing up to July 2024.
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