Export Credit Norway is aiming to enter into a loan agreement with Abul Khair Group for the financing of the purchase. The loan will be guaranteed by GIEK and HSBC.
In accordance with OECD’s Common Approaches on Environmental and Social Due Diligence this transaction is categorized as category B.
The due diligence has focused on environmental and labour issues. An Environmental and Social Impact Assessment (ESIA) as well as an Environmental and Social Management Plan (ESMP) have been made, as well as a gap analysis and a Young Workers’ Plan. The project is benchmarked against IFC Performance Standards.