HSBC has issued its first green trade finance facility in the Middle East and North Africa region, raising US$48 million for UAE-based Lamprell to support execution of its fabrication work on theSeagreenoffshore wind project off the coast of Scotland. HSBC was the sole arranger for the innovative facility, which is also the first green guarantee in the MENA region. In June 2020, Lamprell became a subcontractor on theSeagreenproject in the North Sea, located near the Angus coastline in Scotland. HSBC created a bespoke green facility comprising guarantees, import loans and documentary credits. HSBC also stated its own aim to be net zero in its operations and supply chain by 2030.

Source: The North Africa Journal January 26, 2021 07:30 UTC