The proceeds of the loan, which is the first Green ECA loan in Saudi Arabia, are being used to purchase buses from Germany for Saudi Arabia’s public transport network. HSBC acted as a Mandated Lead Arranger (MLA), an original lender and the agent bank in a $258 million Export Credit Agency (ECA) loan for The Kingdom of Saudi Arabia’s Ministry of Finance (MoF). HSBC Group, through its subsidiary and affiliate operations, is the leading international banking and financial services provider in the Kingdom. In Saudi Arabia, HSBC is a 29.2% shareholder of Saudi British Bank (SABB), and a 51% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. In the year ending 31st December 2019, HSBC in the MENAT region made adjusted profit before tax of US$ 1,611m.

Source: The North Africa Journal July 26, 2020 15:00 UTC