A new SAR 1 bn environmental initiative: The Kingdom’s Environment Fund launched a Riyad Bank-backed SAR 1 bn (USD 266.6 mn) financing initiative 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.

Not Riyad Bank’s first green initiative: 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.

ICYMI- The Environment Fund also signed an agreement with the Small and Medium Enterprise Loan Guarantee Program (Kafalah) on Sunday to launch a loan guarantee program to help SMEs secure needed loans for their local environmental projects.

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