Bahrain’s first locally-owned bank, the National Bank of Bahrain (NBB) has extended its financial support to the latest $8.75 million food sustainability project by the Ministry of Works, Municipalities Affairs and Urban Planning.
In line with the efforts of NBB to promote Environmental, Social, and Corporate Governance (ESG)-related funding, the bank has revealed its willingness to finance the project, which is set to complete within 12 months following its commencement date. The initiative aims at various sectors, especially small and micro-projects specializing in agriculture in the country.
The project was awarded to Al Amin Gardens, a subsidiary of Ali Rashid Al Amin Company, by the Bahrain Agriculture Development Company, which is set to design, build, operate and hand over a hydroponic farm located in Hoorat A’ali and Diraz.
Hydroponic farming is revolutionizing the agricultural industry, with the plant using 90 percent less water making it more sustainable than regular farming. Hydroponic fields bring down the country’s carbon footprint, eliminate soil-borne pests for healthier crops and the need for plant fertilizers.
Arif Janahi Head – Commercial & SME NBB
“We are delighted to be collaborating with Al Amin Gardens to help develop this initiative. The importance of this project is at the heart of NBB’s journey towards encouraging sustainability and ESG-friendly financing. Through this initiative, we are able to drive forth more national projects that are in line with the kingdom’s efforts to promote environmental values as part of Bahrain’s Economic Vision 2030. NBB continues to invest in initiatives that will benefit both the community and the future of the kingdom.”
Commenting on the initiative, Mr. Majed Al Ameen, Vice Chairman of Ali Rashid Al Amin Company, said, “We are pleased to be partnering with NBB to bring this project forward. The initiative will assist in disseminating the awareness of agricultural techniques and overcoming challenges within the sector. By encouraging the use of modern agricultural methods and empowering the workers of this sector they will be able to use these modern techniques and therefore create more job opportunities in collaboration with the public sector and all relevant authorities.”
