Beyti secures $36mln sustainable facility from HSBC Bank Egypt
Arab Finance: Beyti, an Almarai subsidiary, penned a new facility agreement with HSBC Bank Egypt to secure a sustainable linked loan agreement worth EGP 1.8 billion, according to a press release.
Chris Abboud, General Manager of Beyti, and Todd Wilcox, CEO and Deputy Chairperson of HSBC Bank Egypt, signed the facility deal, which supports the company's commitment to achieving sustainability and enhancing its environmental practices
The agreement also anchors Beyti's efforts to boost its operations' sustainability by lowering its carbon footprint, improving resource efficiency, and adhering to the highest standards of environmental and social governance.
"Our goal is to maintain environmental balance by maximizing resource efficiency, striving for zero buried waste, and reducing our carbon footprint. Additionally, we are committed to supporting our entire value chain in achieving sustainability goals," Abboud stated.
'We have successfully localized 67% of our raw and packaging materials, and since 2022, we have diverted 290 tons of plastic waste annually, demonstrating our dedication to recycling solutions and waste reduction,' he noted.
He added: "This facility is a pivotal step in accelerating our efforts to reach our goals. It gives us the financial flexibility needed to invest in more sustainable solutions across our operations, allowing us to reduce our carbon emissions by 30% by the year 2030, vs 2019."
Meanwhile, Wilcox commented: "This agreement demonstrates HSBC's commitment to providing innovative financing solutions that enable companies to adopt more sustainable practices and facilitate their transition to a low-carbon economy.'
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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