LOC17:02
14:02 GMT
KUWAIT, Nov 5 (KUNA) -- The National Bank of Kuwait (NBK) on Wednesday signed with Almabani General Contractors the first green loan accord in Kuwait according to which the bank would lend it KD 25 million (USD 82 million) to fund the (3S) complex in Sabah Alahmad residential district.
The NBK and Almabani said in a joint statement that design of the complex is compatible with the loans principles, issued by the Loan Market Association (LMA), an international entity that guides funding of environmentally friendly ventures.
The accord is intended to back the transition to low carbon economy and boost property innovation through sustainable funding solutions, it said, noting it was inked amid mounting global and local concern for environmental, social and institutional governance criteria (ESG).
For its part, Almabani said in a statement that obtaining a green loan in Kuwait is a significant turning point for developing realty projects that abide by global environmental criteria.
The project is not merely an investment property venture; rather "a responsible construction environment," it said, stressing the objective of sparing the climate and surrounding of negative impact.
The green loan is employed for projects of positive environment effect (such as renewable energy and clean water production). (end)
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