DP World has raised $100 million through the first-ever Blue Bond issued by a company in the Middle East and North Africa (MENA) region.
The bond aims to fund sustainable projects in marine transportation, port infrastructure, marine pollution control, and nature-positive initiatives in the maritime and water sectors.
This Blue Bond will close the funding gap for the United Nations Sustainable Development Goals (SDG) 14 (Life below water) and SDG 6 (Clean water and sanitation), as well as meet the growing investor interest in blue assets.
The 5-year bond was priced with a 5.25% coupon rate and a spread of 99.6 basis points above US treasuries, marking DP World’s tightest-ever spread in the bond or sukuk market.
Investment management firm T. Rowe Price Associates, Inc. was the key investor in this issuance. The funds raised from the Blue Bond will support various sustainable projects, including:
Sustainable Marine Transportation: Research and development of alternative fuels and technologies to reduce marine pollution and carbon emissions.
Sustainable Port Development: Upgrading port infrastructure to minimise environmental impacts, including reducing noise and air pollution.
Marine Ecosystem Conservation and Restoration: Projects to conserve and restore marine ecosystems and enhance biodiversity through nature-based solutions.
Marine Pollution Control: Initiatives to tackle waste and pollution in coastal and marine environments, improve water quality, and ensure equitable access to clean water.
The Blue Bond aligns with DP World’s recently launched Ocean Strategy, which focuses on environmental stewardship and the promotion of a sustainable blue economy.
https://www.marineinsight.com/shipping-news/dp-world-raises-100-million-in-middle-easts-first-ever-blue-bond-to-fund-sustainable-maritime-projects/
|
Back:
Next:
