Saudi Arabia: Saudi National Bank, or SNB, launched on Dec. 23 a framework for sustainable financing, a first for the Kingdom’s banking sector, CNBC Arabia reported. 

SNB’s framework will enhance lending to organizations that apply ethical practices, while preserving the environment, empowering individuals and societies, and promoting principles of ethical governance, it said.

S&P Global Ratings advised SNB on how to align its framework with the guidelines of the International Capital Market Association (ICMA). HSBC, a leading global bank, also advised SNB on its framework.

The bank said its new framework is in line with the Kingdom’s Vision 2030 as well as the Saudi Green Initiative.