Focus on Energy Management, Circularity, and Sustainable Materials like Better Cotton in Landmark Retail products.
Doha, Qatar, 20 November 2024: Mashreq, a leading financial institution in the MENA region, has signed Sustainability-Linked Facilities (SLF) in Qatar with Landmark Retail, the leading value conglomerate in the retail sector in the Middle East. This marks the first time a private sector company has signed a bilateral sustainability-linked loan in Qatar.
The partnership with Mashreq will further advance Landmark Retail's sustainability objectives and it is a testament to the bank's leading position in sustainable finance mobilization and sustainability advisory in MENA. It also contributes to the bank's commitment to facilitate USD 30 bn of sustainable finance by 2030.
The key performance indicators linked to financing includes Landmark Retail in boosting renewable energy capacity and implement advanced energy management solutions for greater efficiency and energy savings. It also includes responsible sourcing, waste reduction and recycling across Landmark Retail's extensive operations. The retailer aims to enhance responsible sourcing by expanding the use of Better Cotton in its products.
Tarek El Nahas, Group Head of International Banking, Mashreq, said: The partnership with Landmark Retail marks a significant advancement in our commitment to sustainability and our contributions to the sustainable finance ecosystem in the Middle East. This collaboration is a testament to Mashreq's leadership in mobilizing sustainable finance across the region, particularly in Qatar. As a bank, we understand that our greatest impact comes from directing capital flows responsibly and offering clients solutions that extend beyond traditional financing. This partnership reaffirms our dedication to driving meaningful change in sustainable finance.'
Salman Gulzar, Country Head, Mashreq Qatar, said: 'This partnership represents a pivotal step in advancing sustainable finance in line with Qatar's vision, reinforces Mashreq's leading role in sustainable finance mobilization in the Middle East and exemplifying the collaborative and tangible impact-driven nature of the bank's Climb2Change initiative. As a bank, we have got an important role to play in enabling our client's own sustainability journeys through the facilitation of financing solutions that are tailored to their needs. Our partnership with Landmark Retail underscores our ongoing dedication to responsible banking and delivering strong performance across ESG metrics, in turn fostering environmental stewardship and positive change in the MENA region.'
Rajesh Garg, Group Chief Financial Officer, Landmark Retail, said: 'We are committed to conducting our business responsibly, by driving positive changes to reduce the environmental impact of our operations. Through our partnership with Mashreq, we aim to embed improved circular initiatives across our operations through renewable energy, circularity and responsible sourcing, marking another important milestone in our journey and in Qatar's sustainability roadmap and ambitions.'
This partnership adds to Mashreq's recent agreement to lead the USD 3.25 bn debut Leverage Buyout sustainability-linked financing for GEMS Education, the region's largest sustainability-linked financing up to July 2024.
As part of Mashreq's ongoing sustainable finance facilitation efforts, this SLF with Landmark Retail falls under the bank's Climb2Change initiative, a comprehensive global initiative that encapsulates Mashreq's wide-ranging ESG efforts including sustainable finance commitments and ambitions to accelerate environmental and social impact. Climb2Change consolidates Mashreq's strong performance in sustainable linked financing, responsible banking products and services, and social impact initiatives into a unique global initiative, solidifying the bank's leadership in sustainable banking in the MENA region and globally.
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