Dubai – Standard Chartered Bank has lead the coordination of DP World Limited’s (“DP World” / “the Company”) repricing and extension of its USD2 billion Conventional and Murabaha revolving credit facilities by 2 years to July 2023.
This transaction is structured such that the margin of the facility is linked to DP World’s carbon emissions intensity where the Company is incentivised to reduce its greenhouse gas emissions. A total of 19 banks supported DP World in this innovative financing structure, with Standard Chartered leading as Green Coordinator.
This is the first green loan in the Middle East region with an Islamic format that links pricing to environmental performance in this way. The transaction is a first-of-its-kind and aligns with the Bank’s sustainable lending principles.
“DP World operates in more than 40 countries across six continents, enabling trade through its marine and inland terminals. As a trade-focused bank that is active in many of the same markets, and with similar views on ensuring that we have a positive impact on economies and communities, Standard Chartered is proud to partner with DP World in a transaction that promotes sustainability.” said Mohamed Salama, Head of Global Banking, Standard Chartered, UAE.
“Standard Chartered Bank has been operating in the UAE for the past six decades and our heritage in the UAE is testament to our commitment towards the country and its importance for us as a group.” He added.
“We are delighted to be the first company in the Middle East region to link environmental performance to pricing in this way. This shows DP World’s pioneering efforts in the region’s capital markets as well as sustainability and innovation.” Said Yuvraj Narayan, Group CFO, DP World.
“As a global trade enabler, our ambition is to lead the industry for all our stakeholders, and we continue to integrate sustainable best practice into every aspect of our business, which includes finance. By linking our core banking facility to our environmental performance, we will continue to improve our efficiency on greenhouse emissions and show our commitment to sustainability and the environment.” He added.
Earlier this year, Standard Chartered has published a new Sustainability Philosophy that sets out how the Bank integrates sustainability into its organisational decision-making and how it will work with its clients, suppliers, NGOs and governments in its markets - how the Bank addresses the balance between supporting business and economic growth, and protecting the environment.
Standard Chartered aims to be a force for good by working with its clients to improve their sustainability performance. This will further strengthen and develop the bank’s long-term relationships with its clients, contributing to their competitive advantage and promoting sustainable economic growth in the communities and markets served by the Bank.
-Ends-
For more information or interview opportunities, please contact:
Wasim Ben Khadra,
Head of External Communications, UAE
Mobile: +971 56 508 0106
Tel: + 971 4508 3221
Email: wasim.benkhadra@sc.com
Or
For further enquiries please contact:
Sana Maadad
Manager
Corporate Communications
T..+971 50 552 2610
sana.maadad@dpworld.com
Mike Vertigans
Senior Manager
Corporate Communications
T..+971 56 676 9324
michael.vertigans@dpworld.com
Standard Chartered:
We are a leading international banking group, with more than a 150-year history in some of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good.
We are present in more than 60 markets, with over 1,000 branches and around 3,000 ATMs.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.
For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.
About DP World:
DP World is a leading enabler of global trade and an integral part of the supply chain.
We operate multiple yet related businesses – from marine and inland terminals, maritime services, logistics and ancillary services to technology-driven trade solutions.
We have a portfolio of 78 operating marine and inland terminals supported by over 50 related businesses in 40 countries across six continents with a significant presence in both high-growth and mature markets. We aim to be essential to the bright future of global trade, ensuring everything we do has a long-lasting positive impact on economies and society.
Our dedicated team of over 36,000 employees from 103 countries cultivates long-standing relationships with governments, shipping lines, importers and exporters, communities, and many other important constituents of the global supply chain, to add value and provide quality services today and tomorrow.
Container handling is the company’s core business and generates more than three quarters of its revenue. In 2017, DP World handled 70.1 million TEU (twenty-foot equivalent units) across our portfolio. With its committed pipeline of developments and expansions, the current gross capacity of 88.2 million TEU is expected to rise to more than 100 million TEU by 2020, in line with market demand.
By thinking ahead, foreseeing change and innovating we aim to create the most productive, efficient and safe trade solutions globally.
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