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Standard Chartered opens green trade finance facility in UAE

Standard Chartered opens green trade finance facility in UAE
The bank will support sustainable goods, suppliers, and end-use

UAE - Mubasher: Standard Chartered has inaugurated its first green trade finance facility in the UAE to support Amplus Energy Solutions FZE, a subsidiary of Amplus Solar, in its solar generation business.

The Sustainable Trade Finance Proposition contributes to implementing sustainable practices across ecosystems and building more resilient supply chains, according to a press release on Monday.

Amplus Solar, a member of Petronas Group, is a distributed energy company that provides low-carbon energy solutions to its industrial and commercial customers.

Through the new facility, the bank will support sustainable goods, suppliers, and end-use, alongside industries transition.

The CEO of Standard Chartered UAE, Rola Abu Manneh, said: "With our local expertise, international presence, and robust Sustainable Trade Finance Proposition, Standard Chartered is well-positioned to support companies in developing sustainable and resilient supply chains, in line with our commitment to drive capital towards achieving the UN’s Sustainable Development Goals."

Meanwhile, the Managing Director and CEO of Amplus Solar, Sanjeev Aggarwal, commented: "Moving ahead with the green financing facility, we are confident that we can further expand our green footprint across new regions and support companies in achieving their sustainability goals."