Dubai – Mubasher: Standard Chartered, the British multinational banking and financial services company, revealed that it has led the coordination of DP World’s repricing and extension of its $2 billion “green” loan by 2 years to July 2023.

This is considered the Middle East’s first green loan with an Islamic format that links pricing to environmental performance, according to the British lender’s statement.

Standard Chartered revealed that a total of 19 banks provided the syndicated facility for Dubai's state-owned ports operator.

“As a global trade enabler, our ambition is to lead the industry for all our stakeholders, and we continue to integrate sustainable best practice into every aspect of our business, which includes finance,” Yuvraj Narayan, Group CFO of DP World, said.

The loan is linked to Dubai port operator’s carbon emission intensity as a way to spur the company to reduce its greenhouse gas emission, the statement said.

“By linking our core banking facility to our environmental performance, we will continue to improve our efficiency on greenhouse emissions and show our commitment to sustainability and the environment,” Narayan added.

It is worth noting that the British bank operates a network of more than 1,200 branches and outlets across more than 70 countries.