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e& secures 1st green loan agreement at AED 366m

e& secures 1st green loan agreement at AED 366m
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e&
ETISALAT
-0.11% 18.46 -0.02

Abu Dhabi – Mubasher: e&, formerly known as Etisalat Group, has signed its first green loan agreement with a consortium of banks at a total value of AED 366 million (nearly $100 million).

The financing aligns with the UAE group’s commitment to sustainable practices and responsible financial management, according to a press release.

The ADX-listed firm will use the investments to finance eligible green projects in line with the UN Sustainable Development Goals, the International Capital Market Association (ICMA), and the Loan Market Association (LMA).

The green project categories include renewable energy, energy efficiency, and clean transportation. Meanwhile, the facility has been structured with a bullet repayment at the end of the three-year tenure.

Furthermore, e& announced plans to contribute positive and meaningful impact to environmental sustainability, adding that the loan will strengthen its position in fostering a greener future.

In the first nine months (9M), the telecom firm recorded net profits attributable to the owners valued at AED 7.68 billion, an annual rise from AED 7.34 billion.