Saudi Arabia launches new environmental initiative: KSA’s EnvironmentFund has launched a Riyadh Bank-backed SAR 1 bn (USD 266.6 mn) financing initiative dubbed the Incentives and Grants Program to support the environmental and meteorological sectors, state news agency SPA reported on Sunday. The program aims to increase the adoption of environmental technologies, attract private sector investment, and support research and innovation.

The fund also signed an agreement with Kafalah to launch a loan.guarantee program to enable SMEs in the same sectors to unlock needed loans, according to a statement issued on Sunday. The program will also establish database for available investment opportunities in the sector.

About the fund: The Environment Fund provides backing to research institutions, business incubators and accelerators, and large private-sector companies, according to its website. It also supports environmental action from non-profit organizations through its NPO Environment Action Grant under the Incentives and Grants Program.

Riyad Bank’s been on a green roll: In September 2024 alone, Riyad Bank closed a USD750 mn additional tier 1 capital USD-denominated sustainable sukuk issuance, contributed to the SAR 9.7 bn funding package provided to Acwa Power, PIF’s Water and Electricity Holding Company (Badeel), and Aramco subsidiary Aramco Power to develop three large-scale solar PV projects in the Kingdom, and inked a SAR 60 mn shariah-compliant bank facility with Tadweeer.

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