Saudi Awwal Bank (SAB), one of the leading banks in the Kingdom of Saudi Arabia, announced the signing of an agreement with the Environment Fund (EF), under the patronage of Eng. Abdulrahman Abdulmohsen AlFadley, Minister of Environment, Water & Agriculture. The agreement was signed by Munir bin Fahd Al-Sahli, Board Member and Acting CEO of the Environment Fund, and Tony Cripps, Managing Director and CEO of SAB, to provide credit facilities to beneficiaries of the incentives and grants program.
The program aims to offer financing solutions to small and medium-sized enterprises (SMEs), mid-sized companies, and large corporates operating in environmental projects. It enables beneficiaries to access a range of financing products, including term loans, project finance, trade finance, and other banking facilities, to support initiatives that promote sustainability across the Kingdom.
Key focus areas include waste management, environmental compliance, combating desertification, vegetation development, wildlife conservation, and other projects that promote sustainable development. By targeting these sectors, the program reinforces SAB’s commitment to driving Saudi Arabia’s environmental objectives while empowering businesses to adopt environmentally responsible practices in line with Vision 2030.
Yasser Al-barrak, Chief Corporate and Institutional Banking Officer at SAB, highlighted the bank’s commitment to environmental transformation and sustainability through its partnership with the Environment Fund.
He said: “We are proud to partner with the Environment Fund on this landmark initiative, which will empower companies to adopt sustainable solutions and contribute to Saudi Arabia’s environmental transformation. By combining SAB’s financial expertise with EF’s strategic mandate, we are enabling greater access to capital for green projects and affirming SAB’s role as a key enabler of the Kingdom’s Vision 2030 sustainability goals.”
Munir bin Fahd Al-Sahli, Board Member and Acting CEO of the Environment Fund, stated: “The agreement is designed to advance the EF’s strategic ambitions by fostering a more attractive investment environment for the environmental sector and encouraging greater private sector participation. The partnership will also support the delivery of tailored financing solutions, strengthen strategic collaboration, and enhance partnerships to drive sector growth and reinforce its long-term financial sustainability.”
The current agreement with EF underscores SAB’s broader sustainability strategy, which focuses on collaborating with government-backed initiatives that promote environmental protection, economic diversification, and responsible growth. It also supports the Fund’s mission to preserve and enhance Saudi Arabia’s natural resources while advancing sustainable investments across sectors.
Source: Saudi Gazette