Oman Arab Bank (OAB) has signed a Memorandum of Understanding (MOU) with First Carbon Investments (FCI) to accelerate the deployment of new clean technologies in the MENA region. 

Under the terms of the MoU, OAB will explore financing projects identified by FCI to advance purchase carbon credits that help accelerate the viability of new green fuels such as hydrogen, ammonia and biofuels, the two companies said in a joint press statement.

FCI has developed a platform to accelerate the viability of new green technologies destined to support global efforts of limiting greenhouse gas emissions.

Speaking at the signing ceremony, Sulaiman Al Harthi, CEO of OAB, said: “We look forward to collaborating together to develop and finance projects that will have a tangible and positive impact on the energy industry, the wider global community and more specifically the lives of the people of Oman.”

Peter Ellen, CEO of FCI, said: “We are excited to partner with Oman Arab Bank to support our platform for accelerating clean technologies at scale.”

FCI has developed a platform to accelerate the viability of new green technologies destined to support global efforts of limiting greenhouse gas emissions.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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