Standard Chartered introduces the region’s First Sustainable Receivables Financing Facility in partnership with ECI and Siemens

Standard Chartered introduces the region’s First Sustainable Receivables Financing Facility in partnership with ECI and Siemens

- Etihad Credit Insurance to be using a first-of-its-kind ESG-linked insurance policy

Dubai, UAE: Standard Chartered Bank announced today the successful completion of the region’s first Receivables Financing Facility for Siemens in the UAE, a technology company focused on the digital transformation of industry and infrastructure.

The innovative solution was developed for Siemens to support their multiple long-term contracts with a large UAE-based company to provide energy-efficiency solutions targeting a reduction in electricity consumption by 10-25%.

Siemens was able to monetise their receivables from these contracts using Standard Chartered’s facility, which relies on future energy-savings generated from Siemens’ supplied solution. As part of this strategic partnership, the facility has an added credit protection, provided by Etihad Credit Insurance (ECI), UAE’s federal Export Credit Agency and Credit Insurer.

ECI has touted this transaction to be using the first-of-its-kind ESG-linked insurance policy.

Rola Abu Manneh, Chief Executive Officer, Standard Chartered UAE, said: “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. 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