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Standard Chartered launches ECI-backed sustainable receivables financing facility for Siemens UAE

Standard Chartered has set up a sustainable receivables finance facility for Siemens’ United Arab Emirates arm, a deal the bank says represents the region’s first ever financing of this type.

The facility will finance Siemens’ receivables arising from multiple long-term contracts with a large UAE-based company to provide energy-efficiency solutions that target a 10-25% reduction in electricity consumption.

Etihad Credit Insurance (ECI), the UAE’s federal export credit agency and credit insurer, is providing credit protection for the deal.

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The deployment and use of clean energy solutions is one of the main pillars of the UAE’s model of addressing climate change and reducing greenhouse gas emissions. In 2016, it became the first Gulf Co-operation Council country to sign and ratify the Paris Agreement, and in October 2021, it announced a commitment to achieve net-zero emissions by 2050.

“We are pleased to offer this innovative receivables financing programme which helps our clients maintain healthy liquidity and cash flow levels that support them in achieving their sustainability objectives,” says Rola Abu Manneh, CEO of Standard Chartered UAE. “Furthermore, we are committed to supporting the growth and development of sustainable finance and look forward to witness this innovative solution contributing to the UAE’s net-zero objective.”

This is the latest outing for Standard Chartered’s sustainable trade finance proposition in the Middle East and North Africa region.

The first green trade finance facility under the initiative, which embeds the Loan Market Association green loan principles into the bank’s global trade finance offering, was launched in September 2021, supporting efforts by UAE-based Amplus Energy Solutions to boost its solar power generation business.

The post Standard Chartered launches ECI-backed sustainable receivables financing facility for Siemens UAE appeared first on Global Trade Review (GTR).

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