APICORP launches its first Green Bond Framework



APICORP launches its first Green Bond Framework

The Green Bond Framework meets our strategic objective of increasing the share of green financing in our loan and investment portfolios

DAMMAM, Kingdom of Saudi Arabia, September 22, 2021 / APO Group / –

The green bond framework follows the approval of the ESG policy framework in April 2021; Strengthens the focus of APICORP ( on ​​financing renewable energies and other green projects; Exposure to green assets in the loan portfolio more than quadrupled from 2015 to 2020; Paves the way for the issuance of a green bond in the near future as one of the world’s first energy-focused institutions to do so.

Arab Petroleum Investments Corporation (APICORP), a multilateral development finance institution focused on the energy sector in the MENA region, today announced that it has launched its first green bond framework (framework).

The framework will serve as a vehicle for raising green / sukuk bonds that reinforce the institution’s commitment to projects aligned with its recently approved ESG strategic framework and advance the development of the broader sustainable finance market. In particular, projects financed, refinanced and / or invested by APICORP’s Green Bond / Sukuk also aim to align with the Sustainable Development Goals (SDGs) and will aim to promote climate mitigation and adaptation. , the transition to a circular economy, prevention and control of pollution and preservation of biodiversity.

In particular, the Green Bond Framework complies with the Green Bond Principles 2021 (GBP) of the International Capital Market Association (ICMA). In addition, the Green Bond Framework benefits from a Second Party Opinion (SPO). VE’s SPO rates APICORP’s Green Bond program “Contribution to Sustainability” and “Expected Impacts” as “Advanced”, as well as a “Coherent” classification against the strategic priorities of sustainable development and sectoral issues of APICORP.

Dr Ahmed Ali Attiga, CEO of APICORP, said: “The energy sector is experiencing an exciting and rapid transition to a cleaner and more sustainable energy mix. By launching the Green Bond Framework, APICORP offers new avenues of investment in projects and businesses that promote the development of safe, affordable and renewable energy sources. The framework reflects our in-depth understanding of the ESG impact of our investments across the entire energy spectrum and our commitment to implementing new engagement strategies with our stakeholders to raise awareness of their ESG exposure. This, in turn, will improve our collective ability to address the challenges posed by climate change. “

Dr Sherif Elsayed Ayoub, Chief Financial Officer of APICORP, said: “The green bond framework meets our strategic objective of expanding the share of green financing within our loan and investment portfolios, as well as expand the access potential of regional and sector debt issuers. green space. We are particularly pleased with the second part opinion of ‘Robust’ that was provided by VE, as it confirms our strong will and ability to lead the energy transition in the MENA region, and beyond, in a way. which corresponds to global best practices. “

The latest announcement follows the unveiling of APICORP’s ESG policy framework and plans to allocate US $ 1 billion to green energy projects and sustainable energy companies over the next two years, completed by a commitment to measure the ESG footprint of all its assets by the end. 2023 thanks to active engagement with its stakeholders. In particular, the ESG policy framework is based on three main pillars – Responsible banking and investment, Social inclusion and partnerships, and Financial resilience and governance – and constitutes a key element of APICORP’s strategy aimed at formalizing and institutionalizing its commitment to environmental protection, social responsibility, and strong governance. It also guides how APICORP will go about identifying, measuring, managing, monitoring and reporting ESG risks and opportunities.

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