German multinational chemical and consumer goods company Henkel has successfully made an inaugural sustainable deposit with BNP Paribas, the first of its kind in Saudi Arabia.
Henkel operates a large manufacturing facility in Dammam, Saudi Arabia, producing many well-known household name products such as Persil, DAC as well as manufacturing a range of Adhesives products in the kingdom.
Henkel’s deposit will support BNP Paribas’ portfolio of loans that have direct contribution to the UN Sustainable Development Goals (SDGs) as part of its Environmental, Social and Governance commitments. BNP Paribas launched its this sustainable deposit offering linked to the SDGs in 2020. Sustainable deposits differ from traditional fixed-term deposits because they are linked to the financing of sustainable development
BNP Paribas has a dedicated Group level key performance indicator (KPI) to measure annually the amount of corporate financing enabling the energy transition and to sectors considered as contributing directly to the achievement of UN SDGs.
Bülent Pehlivan, Head of Finance, Henkel India, Middle East & Africa, comments: “Henkel is committed to sustainable initiatives across the supply chain and we are engaging in a range of innovative ways to create value. We are expanding our partnerships to ensure sustainability is a priority at every point of our business. We are proud to have our inaugural sustainable deposit in Saudi Arabia and thank BNP Paribas for offering sustainable finance solutions to support our goals and activities.”
This sustainable deposit with Henkel in Saudi Arabia was its first in the Middle East and Africa region. We are looking forward to leveraging this success to provide more sustainable finance opportunities into the region.Amine Bel Hadj Soulami, Regional Head, Middle East & Africa, BNP Paribas