Bahrain Steel, a prominent global supplier of high-grade iron ore pellets, has successfully secured a $450 million Sustainability-Linked Loan (SLL).
This landmark seven-year transaction reflects the company’s strong commitment to Environmental, Social, and Governance (ESG) principles.
The funds will be directed towards constructing the world’s largest stockyard shed with rooftop solar panels and addressing working capital needs.
This strategic move aligns with Bahrain Steel’s focus on sustainability and reducing greenhouse gas emissions. The SLL framework encourages the company to surpass mandatory emissions reductions and implement climate change and environmental risk programs, fostering a responsible corporate culture.
Mashreq, Bank ABC, and Ahli United Bank played key roles in facilitating this groundbreaking initiative, emphasizing their collective dedication to sustainable practices.
Meshary Al-Judaimi, Chairman of Bahrain Steel, highlighted the significance of this partnership in advancing ESG ambitions and accelerating efforts for a more sustainable future in the steel industry.
Mashreq’s Group CEO, Ahmed Abdelaal, emphasized their commitment to supporting clients on their sustainability journeys by providing tailored sustainable financing solutions, aligning with the expectations of conscious consumers and investors.