The Saudi National Bank and Standard Chartered Bank signed a $250 million repurchase agreement transaction (Repo) based on ESG principles.
The transaction is the first in the Middle East and North Africa region, and among the first globally, where repo financing proceeds are allocated towards ESG assets.
The Saudi National Bank, the kingdom's largest bank, will allocate the proceeds of the financing to several large renewable energy projects and green initiatives in Saudi Arabia and the wider Gulf region.
The deal follows Saudi Arabia's recent pledge to cut its carbon emissions to net zero by 2060.
