Emirates Telecommunications signs a green loan agreement worth $100 million

Today, Wednesday, December 6, 2023, Emirates Telecommunications Group “E&e” revealed the signing of a green loan agreement worth 366 million dirhams ($99.67 million) with a group of banks, to be repaid in one payment by the end of the next three years.

The group said in a statement to the Abu Dhabi Securities Market on its website, that the loan flows will be used to finance sustainable projects that are in line with the United Nations Sustainable Development Goals and cover the following eligible green project categories from the International Capital Market Association and the Association for the Loan Market, which includes renewable energy, Energy efficiency and clean transportation.

Loan advisors

Emirates Telecommunications said that First Abu Dhabi Bank, HSBC Bank and Standard Chartered Bank were appointed as consultants to prepare the group’s sustainable financing framework, and the group’s sustainable financing framework was evaluated by Morningstar Sustainalytics.

For its part, Morning Star said that the group’s sustainable financing framework is credible and is in line with the 2021 Sustainability Bond Guidelines, the 2021 Green Bond Principles, the 2023 Social Bond Principles, the 2023 Green Loan Principles, and the 2023 Social Loan Principles.

On the other hand, the investments and initiatives of the Emirati company “Mubadala” constitute a pioneering model in the field of innovative investments and renewable energy solutions that enhance the process of sustainable development by building a sustainable national economy integrated with the global economy and in line with the goals of the COP28 Conference of the Parties, which the UAE is hosting at Expo Dubai. With the participation of world leaders.

“Mubadala” company

Mubadala manages a diversified investment portfolio at the local and global levels with assets amounting to 1,015 billion dirhams distributed over 6 continents. It invests in many sectors and uses its distinguished experience and long-term global partnerships to achieve positive results and contribute to the process of sustainable growth to confront current challenges and achieve a better future for future generations. 

Supporting the national sustainability agenda

Guided by the vision of the wise leadership and the directives of Sheikh Mansour bin Zayed Al Nahyan, Vice President of the UAE, Deputy Prime Minister, Head of the Presidential Court, and Chairman of the Board of Directors of Mubadala Investment Company, since its founding in 2002, Mubadala has been keen to support the national sustainability agenda and expand the scope of reliance on clean and renewable energy sources.

The company is also working to play an influential and effective role in advancing economic diversification and the transition towards a low-carbon economy, shaping and supporting various areas of innovation in the country, in addition to strengthening investment and partnership relations locally and globally through responsible investment in various global business sectors.

Facing global challenges

The UAE has a distinguished and proven record in the field of sustainable development and confronting global challenges, derived from the legacy of the late Sheikh Zayed bin Sultan Al Nahyan. Who realized early on the importance of sustainability, diversifying energy sources, and preserving and protecting natural resources.

Given the importance of sustainability issues to the wise leadership, Mubadala has sought, throughout its nearly two-decade journey, to translate these visions and aspirations into projects and work programs through a roadmap that establishes a new approach in the field of investment based on diversification, innovation, and global partnerships. Today, the company is investing extensively in the field of investment. Cutting-edge technological innovations, clean and renewable energy, aerospace, healthcare, agricultural investment, artificial intelligence, life sciences, real estate, infrastructure, space communications, advanced mobility, autonomous driving and other areas shaping the future.