The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious tourism project announced today that it has closed a SAR 14.120bn term loan facility and revolving credit facility with four Saudi Banks.
Banque Saudi Fransi, Riyad Bank, Saudi British Bank and Saudi National Bank acted as Mandated Lead Arrangers. HSBC served as Green Loan Coordinator on the transaction.
Green Financing accreditation was awarded due to TRSDC’s market leading approach to social and environmental sustainability and the Red Sea Project’s international recognition as a green project. The financing is the first Riyal-denominated credit facility to receive Green Financing accreditation.
John Pagano, Chief Executive Officer of The Red Sea Development Company, commented: “The scale of this project is unmatched anywhere in the world and we are setting new standards in a regenerative tourism at every turn. By applying a unique approach to design, utilising more sustainable methods of construction and using groundbreaking technology, we are not only reducing our impact on the environment but helping to deliver on our commitment to achieve a 30 per cent net conservation benefit by 2040. It is this pioneering approach that has helped us secure the first ever Riyal-denominated Green Finance credit facility.”
