The “East” gives “iron industries” sustainable financing of 126 million dirhams

Al -Mashreq Bank has announced the provision of sustainable financing facilities worth 126 million dirhams for the Arab Gulf Rail Industries Company, and the deal aims to support the company’s agenda in the field of sustainability, and to accelerate its transformation towards manufacturing practices more observance of the environment, in line with the “Emirates Vision 2030”.

A statement yesterday stated that the company intends to allocate financing facilities to support environmentally friendly projects that focus on raising production efficiency, in a way that helps it achieve these goals, and financing will also contribute to accelerating the adoption of green technologies while expecting future savings by improving energy efficiency and reducing operational costs.

“The Arab Gulf Rail Industries Company is a model to be followed in the production of low -emission iron, and we are proud to provide a financing solution that enables it to expand its efforts in this field, and the official financing is a basic pillar in the strategy of the East, as we focus on designing financing structures that support our customers in leading this transformation with all efficiency and confidence.”

For his part, the head of environmental and social governance and corporate governance in Al -Mashreq, Faisal Al -Shammari, said: “This deal reflects a comprehensive shift in the industrial sector in the region, where companies have become dependent on financing as a strategic tool to achieve the goals of sustainability,” noting that the “Arab Gulf Rail Industries” is one of the first companies in the country to obtain sustainable financing that directly contributes to pushing their efforts to remove carbon in this sector.

It is noteworthy that this funding is the latest in the commitment of the Mashreq Bank to provide sustainable funds with a total value of $ 30 billion by 2030.