Mashreq, a leading financial institution in the MENA region, has announced today its collaboration with Galadari Brothers Co. LLC, a UAE-based conglomerate, providing them with their inaugural green loan facility, marking a significant leap towards environmental sustainability. This facility serves as a testament to the unwavering commitment of both organizations to reducing energy consumption and emissions while addressing the pressing issue of climate change.
The sustainable finance will be directed to support green retrofits and energy efficiency technologies in Galadari Brother’s flagship hotel property in Sri Lanka. The dedicated "green tranche" is expected to usher in a substantial reduction in emissions and energy consumption,thus paving the way for the decarbonization of the Group’s assets and setting a new standard for eco-conscious business practices.
Joel Van Dusen, Head of the Mashreq Corporate & Investment Banking Group, commented,“We are delighted to partner and support Galadari Brothers on their journey towards a more sustainable future. Mashreq’s green loan will give an opportunity for the Group to take positive steps in reducing emissions and embracing decarbonization. This collaboration reflects our commitment to fostering positive environmental changes. By combining loan terms with sustainability objectives, we are championing a cause that will motivate other companies to incorporate energy efficiency goals into their operations.”
Karim Amer, Head of Mashreq Automotive &Mobility sector said: “Partnering with Galadari Brothers for their debut green loan reinforces our commitment towards long-standing relationship with the Group and sustainable financing solutions. We see our green loan as a catalyst for an accelerated pathway towards sustainability and a more resilient future.”
Mohammed Abdullatif Ibrahim Galadari, Co-Chairman and Group CEO of Galadari Brothers, said: “Our collaboration with Mashreq on this transaction is much more than a conventional financial agreement; together, we are forging a sustainable partnership aimed at creating a more environmentally conscious future. At Galadari Brothers, we recognize the immense significance of contributing to a sustainable environment, a commitment further reinforced by our appointment of an ESG consulting firm to meticulously evaluate the Group’s carbon footprint, benchmark, establish KPIs and drive our initiatives forward. This partnership with Mashreq represents an exciting step forward in our journey towards sustainability; and emphasizes the role businesses and sustainable finance play in addressing climate change.”
RV Ramanan, Group CFO of Galadari Brothers commented, “ This transaction with Mashreq marks an important milestone signifying our commitment to integrating sustainability into our business decisions while aligning financial strategy with our environmental aspirations."
The capital expenditure (Capex) earmarked for the installation of energy efficiency retrofits will commence in the near future.
As the Group embarks on this sustainability journey, it aspires to inspire others, not only within the industry but also in the wider community, proving that a sustainable future is within reach.