11th September 2024 – MUFG EMEA and Doha Bank today announce the successful close of their first Green Repo scheme in the Middle East and North Africa (MENA) region. This transaction marks the first Green Repo scheme for both institutions that utilises green bonds as the underlying collateral.
Green Repo schemes use the proceeds of green collateral, such as green bonds, to finance further green initiatives. In this case, cash proceeds generated from the repurchase of green bonds issued by the State of Qatar will be committed to the funding and purchase of green assets aligned to Doha Bank’s Sustainable Finance Framework.
Sheikh Abdulrahman bin Fahad Al-Thani, Group CEO Doha Bank, said: “We are very pleased to collaborate with MUFG to execute our first Green Repo transaction. Innovative products such as Green Repos are central to Doha Bank’s ESG initiative. These funding initiatives help in raising liquidity to invest into ‘Green eligible’ collateral that act as a bridge in achieving our sustainability targets in line with Qatar National Vision 2030.”
Andre Van Hese, International Head of Securities Financing, MUFG said: “MUFG remains committed to working with clients in the MENA region to build bespoke solutions to help navigate the importance of fostering an ESG compliant ecosystem. This transaction is a testament to our efforts and we look forward to building on this success as the region moves to execute on its ambitious sustainability strategy”.
According to analysis by MUFG, regulators and policymakers in the Gulf Cooperation Council (GCC) economies are undertaking extensive investments to progress net zero target across the region, focused on decarbonising high-carbon emitting sectors in hydrocarbon production, power generation and industrial production. Looking ahead, the GCC region remains well positioned to capitalise on its comparative advantages of low-cost positioning across the energy value chain, geographical proximity to key import markets and its constructive regulatory backdrop to become a vital global decarbonisation leader.
ENDS
Contact:
Megan Wood
Randa Mazzawi
E: [email protected]
About MUFG
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,000 locations in more than 40 countries. The Group has about 120,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit World-leading bank with financial strength and a global network | MUFG EMEA.
About Doha Bank
Doha Bank, a cornerstone of Qatar’s financial landscape since 1979, has consistently demonstrated its commitment to providing comprehensive financial solutions and driving positive change. The Bank’s unwavering dedication to Environmental, Social, and Governance (ESG) principles has positioned it as a leader in sustainable banking. Over the past four decades, Doha Bank has earned the trust of individuals, businesses, and institutions by offering a diverse range of banking services tailored to meet their evolving needs. The Bank’s four business groups – Wholesale Banking, Treasury & Investments, International Banking, and Retail Banking – ensure a holistic approach to providing financial solutions.
Recognizing ESG as a strategic imperative, Doha Bank has integrated sustainability into its core operations. Doha Bank’s dedication to sustainability is evident in its efforts to minimize its environmental footprint, foster social impact, and uphold the highest standards of governance. By prioritizing ESG, the Bank aims to enhance its competitiveness, resilience, and reputation while contributing to the sustainable development of Qatar.
Doha Bank is rated A by Fitch and Baa1 by Moody’s for its long-term Bank Deposit Ratings, respectively, stand as a testament to our stability and reliability.
MUFG EMEA Sustainability Disclaimers
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