Officials during the event.
Landmark Group – the UAE-based conglomerate with more than 2,200 outlets and 42,000 employees in Middle East, India and South East Asia – announced on Monday the signing of its first sustainability-linked loan amid a pledge to transition towards sustainable finance for the majority of its operations. This marks the first time a private sector company in the UAE signs a bilateral sustainability-linked loan.
Landmark Group also signed up to Standard Chartered’s Sustainable Account proposition, integrating sustainability into to its banking operations. Deposits in Sustainable Accounts are referenced against sustainable projects funded by Standard Chartered across its dynamic Market footprint. These projects, aligned to the Bank’s Green and Sustainable Product Framework, address some of the world’s biggest long-term threats, including climate change and financial exclusion.
In a meeting between Landmark Group’s Chairwoman and CEO Renuka Jagtiani and Standard Chartered Bank, Group CEO Bill Winters, the company made a commitment to convert all its treasury products with the bank to sustainable wherever possible. In a first for the region, Landmark Group has committed that the benefits from any sustainable financing will be deployed towards further sustainable initiatives.
Commenting on the agreement, Rajesh Garg, Group Chief Financial Officer at Landmark Group, said: “At Landmark Group, we are committed to conducting our business responsibly, to make positive changes within the organisation to reduce the environmental impact of our operations. Today’s announcement of our first sustainability-linked loan, and our pledge to move towards green finance products wherever possible, is the latest demonstration of our wider commitment to people and planet.”
“We are proud to partner with Standard Chartered Bank, who share our ethos towards a green commitment. With this partnership we are glad to become a part of a global group of sustainable companies and stakeholders that take shared responsibility for achieving a better world.”