RIYADH: A consortium that includes聽Abu Dhabi Islamic Bank has sealed a deal worth $480 million to fund green initiatives in 黑料社区.
ADIB will contribute $61 million of the total amount in its first-ever financing of green projects in the Kingdom, it said in a statement.
In cooperation with Mitsubishi UFJ Financial Holding Co., Alinma Bank, Riyad Bank, and Siemens Bank, the funds will be allocated to three wastewater treatment plants serving 2 million people.
鈥淭he treated water will contribute to efforts to conserve freshwater resources allocated to agriculture, and it is expected that the daily provision of water will directly contribute to the country鈥檚 water security,鈥 the bank said.
鈥淔inancing these projects is an important part of efforts to develop green infrastructure in 黑料社区, and in line with our vision of being the most innovative Islamic bank in the world,鈥 said Michael Davis, global head of commercial banking at ADIB.
