Bahrain’s Gulf International Bank Closes First $ 625 Million ESG Loan

Bahrain’s Gulf International Bank (GIB) has entered into a $ 625 million sustainability syndicated loan (SLL), a first for a Gulf state-based bank, a statement said on Sunday.

The transaction, which incorporates environmental, social and governance (ESG) measures, was carried out by a diverse group of more than 20 global investors from the United States, Europe, the Middle East and Asia.

It was “significantly oversubscribed,” with commitments reaching $ 1.1 billion, exceeding the facility’s original amount of $ 500 million, the company said.

“The deal was well received in international markets and largely oversubscribed … In view of the high interest, GIB decided to increase the amount of the facility to $ 625 million,” the statement said.

The facility’s key performance indicators (KPIs) relate to carbon reduction, gender diversity and sustainability reporting. The company did not share more details about the facility, including its structure.

(Written by Cleofe Maceda; edited by Seban Scaria)

[email protected]

Disclaimer: This article is provided for informational purposes only. The Content does not provide any tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer here.

© ZAWYA 2021


Source link

Comments are closed.