Etihad becomes the first airline to raise funds tied to United Nations Sustainable Development Goals
Etihad Airways, the national carrier of the United Arab Emirates, has become the first airline to secure funding for a project based on its compatibility with the Sustainable Development Goals of the United Nations.
Through a partnership with First Abu Dhabi Bank and Abu Dhabi Global Market, the airline will borrow hundreds of millions in order to support the expansion of the Etihad Eco-Residence, a sustainable apartment complex for the airline’s cabin crew.
Adam Boukadida, Senior Vice President Treasury, Tax & Finance, Etihad Aviation Group, said: “We are proud to be the first airline globally, and one of the first companies in the UAE, to obtain commercial funding based on our commitment to the Sustainable Development Goals of the United Nations.
“This assessment will enable us to fund long-term leases of the new Eco-Residence complex, located in Abu Dhabi’s Masdar City innovation precinct, and will serve as the foundation for Etihad to fund future sustainable initiatives.”
“It will also highlight the growing specialisation of Abu Dhabi as a centre of excellence for financing sustainable projects, at a time of increasing global demand for ethics-based development.”
Etihad has identified seven priority categories – Green Buildings, Investment in Women, Biofuels, Reduction of Carbon Footprint, Waste Management and Recycling, Humanitarian Efforts, and Wildlife Protection.
Andy Cairns, Head of Global Corporate Finance at First Abu Dhabi Bank, said, “We are honoured to have led this inaugural SDG loan for Etihad Airways which evidences the company’s commitment not only to its sustainability goals but also to innovative financing techniques. FAB congratulates Etihad on this achievement and on its leadership of the UAE’s Green Agenda.”