Abu Dhabi National Oil Company (ADNOC) has signed a $3bn (AED11bn) green financing facility with Japan Bank for International Cooperation (JBIC).
It follows the signing of a Heads of Agreement (HOA) between ADNOC and JBIC in January this year and strengthens existing commercial ties between the UAE and Japan.
The credit facility is part of JBIC’s Global action for Reconciling Economic growth and Environmental preservation (GREEN) lending programme and is partially supported by Japanese commercial banks.
Khaled Al Zaabi, ADNOC Group Chief Financial Officer, said its first green funding deal will accelerate decarbonisation and energy transition initiatives.
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