HSBC Bank Middle East has conceded Metito, global leader for total intelligent water management solutions, $120 million as a sustainability-linked loan (SLL), reports Trade Arabia.
Metito will use the loan to further develop sustainable water management solutions and a clean environment. HSBC Bank Middle East acted as the Coordinator, Initial Mandated Lead Arranger, and Bookrunner for the loan and will assist Metito in achieving four ambitious sustainability goals, which are fully aligned with the company’s vision and agenda, which in turn seeks to play an active role in securing a smart and sustainable water ecosystem.
- Increasing the rate of use of treated wastewater and its reuse in district cooling plants in the UAE,
- Increasing water sources through treatment, recycling and reusing wastewater, increasing the capacity of wastewater treatment projects in the coming years,
- Increasing the company’s social sustainability indicators by achieving lower rates of lost time due to injury.
The transaction was also supported by Ahli Bank of Kuwait UAE ($40 million) and Commercial Bank of Dubai ($20 million).
Talal Ghandour, Metito Chief Investment Officer, said: “Metito is a pioneer in the water treatment industry, and we are proud to be supported by HSBC and the wider consortium through this sustainability-linked loan which we believe will strengthen our ability to grow across our target markets.”
Ghandour added: “Metito’s vision to be the world’s leading provider of intelligent water management solutions across Emerging Markets is supported by the company’s three founding principles of Impact, Sustainability, Innovation, and this loan underscores one of our key attributes of providing sustainable infrastructure to our municipal and industrial clients. Metito prides itself on having direct and tangible impact on the governments, industries and communities that we serve, and we believe real ownership can only be achieved if sustainability is fully integrated into our business model.”
