Innovations in carbon trading and environment finance, establishing centers for research and routes to secure financing, designing Gulf-based carbon exchanges, environmental financing by banks and funds, investment issues related to environmental protection projects and funding opportunities in the environmental field were among the topics discussed.
The panelists included National Commercial Bank CEO Abdul Kareem Abu Al-Nasr, Gulf One Investment Bank CEO Nahed Taher and credit division manager at the Saudi Industrial Development Fund (SIDF) Abdulrahman Al-Sayyari.
Al-Sayyari said plenty of opportunities existed for entrepreneurs to invest in a wide range of environment projects. They include treatment and recycling of industrial waste, water and sewage.
“There may be projects which the SIDF may not consider suitable for granting loans, but these could be possible with government subsidies.”
Al-Nasr said it was vital for banks to consider each project application on merit.
“The solution does not lie in funding a project from a single source. There could be one or many financing institutions that could play a role in a single project. Incentives (from official agencies) should be offered to the private sector for securing loans, depending on the nature or size of a project,” he said.
He added that the Kingdom’s capital market is sound enough for the private sector to attract investments and funds.
He also said that government, semi-government agencies, and the private sector should come forward with environmental protection and management projects with a greater degree of involvement.
“The NCB and other commercial banks are ready to welcome such projects,” he added.
Nawab felt that banks and credit institutions should play a vital role in environment protection projects, as they would be in the interest of health and safety.
“They should play a proactive role in integrating investments in environment protection and sustainable development,” he said.
Taher said many major projects in the developed world were in trouble due to the global credit crunch.
“Vast opportunities exist for investors and businessmen as some of those projects are likely to be relocated or replicated in this part of the world,” she said.
