Mashreq Bank Increases Amount of Sustainable Financing to $30 billion
Mashreq Bank, the oldest privately owned bank in the UAE, will increase the amount of its sustainable financing to $30 billion by 2030.
Tarek El-Nahas, senior executive vice president and group head of international banking at Mashreq Bank, said: "There’s a huge appetite for green and other forms of sustainable finance, and we only see it is increasing.
“MENA is the fastest growing region globally, so we are not seeing downward pressure here. We are seeing that greener forms of finance can also succeed, and because they are often very-long tenure deals, they generally make returns across the economic cycle."
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Mashreq Bank, participating at the UN Climate Change Conference in Egypt, had facilitated sustainable finance deals worth $11.7 billion since October 2020 across the Gulf Cooperation Council, India, Turkey, and Africa.
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