UAE Business: Landmark inks sustainability-linked loan with StanChart – Gulf Digital News

UAE Business: Landmark inks sustainability-linked loan with StanChart – Gulf Digital News

Landmark Group, a UAE-based conglomerate, has announced signing of its first sustainability-linked loan with Standard Chartered amid a pledge to transition towards sustainable finance for the majority of its operations.

This marks the first time a private sector company in the UAE signs a bilateral sustainability-linked loan.

Landmark Group also signed up to Standard Chartered’s Sustainable Account proposition, integrating sustainability into to its banking operations. Deposits in Sustainable Accounts are referenced against sustainable projects funded by Standard Chartered across its dynamic Market footprint.

These projects, aligned to the Bank’s Green and Sustainable Product Framework, address some of the world’s biggest long-term threats, including climate change and financial exclusion.

In a meeting between Landmark Group’s Chairwoman and CEO Renuka Jagtiani and Standard Chartered Bank , Group CEO Bill Winters, the company made a commitment to convert all its treasury products with the bank to sustainable wherever possible. In a first for the region, Landmark Group has committed that the benefits from any sustainable financing will be deployed towards further sustainable initiatives.

Rajesh Garg, Group Chief Financial Officer at Landmark Group, said: “At Landmark Group, we are committed to conducting our business responsibly, to make positive changes within the organisation to reduce the environmental impact of our