Etihad Airways has become the first to sign on to Citi ADGM’s Sustainable Deposit Solution which will further assist the airline in investing excess cash as part of its sustainability agenda.
Etihad will have access to Citi’s two new deposit solutions including, Sustainable Time Deposit (TD) and Sustainable Minimum Maturity Time Deposits (MMTD), which deliver competitive yields and are based on Citi’s green and social bond frameworks, supporting the UN’s Sustainable Development Goals (SDGs).
Funds invested into the deposits are allocated to finance or refinance assets in a portfolio of eligible green and/or social finance projects. Allocation is based on the criteria set out in the Citi Green Bond Framework, Social Finance Framework and Social Bond for Affordable Housing Framework.
Adam Boukadida, Chief Financial Officer Etihad Aviation Group
“Etihad is committed to sustainability at every touchpoint across our business, from decarbonizing our operations through the Greenliner and Sustainable50 programs, to launching the Etihad Mangroves initiative, and rewarding our guests through the Conscious Choices loyalty program. Our finance team is always looking for opportunities to develop innovative sustainable financing solutions and we are very proud to continue our strategic partnership with ADGM and Citibank on this initiative.”
Ms. Elissar Antonios, Citi UAE CEO and MENA Cluster Head, Citi said that “We are delighted to partner with Etihad Airways as our first client to deposit funds in Citi’s ADGM Sustainable Deposit Solution and explore new and innovative ways to support their sustainability objectives. Our new series of deposit solutions reflect Citi Leadership’s commitment to helping our clients advance ESG KPIs in their treasuries through a range of sustainable solutions.”
Citi’s Frameworks align with the International Capital Market Association’s Green Bond Principles and Social Bond Principles and have been assessed by a leading independent ESG and corporate governance research, ratings, and analytics firm.
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