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FAB to finance Middle East sustainable projects with $75bn by 2030

FAB to finance Middle East sustainable projects with $75bn by 2030
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Mubasher: First Abu Dhabi Bank (FAB) plans to endorse sustainable development projects across the Middle East with financing worth $75 billion by 2030, Ahram Gate cited Shargiil Bashir, Chief Sustainability Officer at FAB.

Bashir pointed out that FAB already financed projects worth $30 billion that serve sustainable development in the fields of solar energy, aviation, transportation, as well as gas and electricity in the Middle East region, including the UAE, Saudi Arabia, and Egypt.

With the partnership of the Egyptian Finance Ministry, the lender issued green bonds worth $3 billion as part of a Murabaha programme.

During the first half (H1) of 2022, FAB logged net profits worth AED 8.03 billion, an annual hike of 50% from AED 5.35 billion.