Riyadh - Sharikat Mubasher: Saudi Arabia’s Environment Fund launched a new environmental financing program worth SAR 1 billion, in partnership with Riyad Bank, to support sustainable and eco-friendly projects in the Kingdom.

The program was officially launched on Sunday in a ceremony attended by Abdulrahman AlFadley, Minister of Environment, Water, and Agriculture and the Chairman of the Environment Fund, a recent statement revealed.

Munir Al-Sahli, CEO of the Environment Fund, stated that the financing program aims to attract private sector investments to strengthen environmental infrastructure and meteorological services.

The program further aims to encourage businesses across various sectors to adopt sustainable practices through innovative financial solutions. It provides businesses and entrepreneurs with resources and incentives to develop projects that improve quality of life and contribute to sustainable environmental growth.

Unveiling the new program coincided with the launch of a new digital platform for the Incentives and Grants Program, designed to foster innovation and boost environmental investments.  

The program aims to enhance initiatives that contribute to promoting environmentally friendly practices, research and development projects, and investments in environmental fields, including meteorology, waste management, biodiversity, vegetation cover, combating desertification, and environmental compliance.

This pioneering program targets enabling a sustainable environment, maximizing resources, and adopting the best methods and practices to achieve financial sustainability.