ADNOC has received Dh7.34bn ($2bn) in green financing backed by the Korean export credit agency, Korea Trade Insurance Corporation (K-SURE). This financing aims to support lower-carbon projects within ADNOC’s operations. United Arab Emirates (UAE) Minister of Industry and Advanced Technology and ADNOC managing director and group CEO Sultan Al Jaber announced the agreement during his visit to South Korea to meet K-SURE president and chairman Youngjin Jang. ADNOC said that the new financing, structured u ...

Core Insights - The European Bank for Reconstruction and Development (EBRD) has initiated a financial package of up to €10 million ($11.6 million) for Tirana Bank to enhance its trade operations, marking the first partnership between EBRD and Tirana Bank [1] Financial Package Details - The financial package includes a €5 million senior loan under the SME Reboot Programme aimed at supporting green investments in Albania's micro, small, and medium-sized enterprises (MSMEs) [2] - Local MSMEs can receive cashback of up to 10% of the loan amount to facilitate green investments, supported by contributions from Norway, Luxembourg, Switzerland, and the US through the EBRD's Small Business Impact Fund, with additional backing from Denmark [2] - Tirana Bank will also receive up to €5 million under the EBRD's Trade Facilitation Programme (TFP) to support trade among EBRD-operating countries, including guarantee provisions to international confirming banks to mitigate transaction risks [3] Strategic Importance - EBRD's managing director for Central and South-Eastern Europe emphasized that this collaboration is crucial for promoting sustainable growth, enhancing regional competitiveness, and assisting local businesses in aligning with international standards [4] - The combination of financial tools and technical assistance is expected to unlock new opportunities for innovation and resilience in Albania's private sector [4] EBRD's Historical Context - EBRD has been active in Albania for over three decades, with investments exceeding €2.3 billion across various sectors [5] - Tirana Bank, established in 1996 as Albania's first private bank, provides financial services to both individual and corporate clients [4]