Bahrain’s Gulf International Bank closes first $625m ESG-related loan
Bahrain’s Gulf International Bank (GIB) has completed a $625 million sustainability-linked syndicated loan (SLL), a first for a bank based in the Gulf state, a statement said on Sunday.
The transaction, which incorporates environmental, social and governance (ESG) measures, was completed 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 original facility amount of $500 million, the company said.
“The agreement has been well received in international markets and significantly oversubscribed…In view of the high interest rate, GIB has 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 further details about the facility, including its structure.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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