Abu Dhabi - Mubasher: Abu Dhabi Islamic Bank (ADIB) has allocated $61 million in financing for green-certified projects in Saudi Arabia.

ADIB joined Mitsubishi UFJ Financial Group (MUFG), Alimna Bank, Riyad Bank, and Siemens Bank to provide green finance worth $480 million for three independent sewage treatment plants (ISTP) in the Kingdom, according to a press release.

the UAE lender was the lead arranger, hedge provider, and Islamic finance agent for the funding transaction.

Being in line with Saudi Arabia’s Vision 2030, the ISTPs projects will treat the wastewater of up to 2 million inhabitants while contributing to local efforts to conserve and reuse water.

Head of Wholesale Banking ADIB, Mike Davis, said: “In line with our vision of being a leading innovative Islamic bank, we strive to create a positive impact on society by supporting projects that incorporate Environmental, Social, and Governance (ESG) criteria.”

Davis added: “We are delighted to be empowering key sectors in the GCC to grow and become more sustainable through impactful finance solution and achieving their sustainability targets.