Bank’s first MENA SSCF program has been implemented for Henkel
Algeria–Citi has launched its first Middle East and North Africa (MENA) Sustainability-linked Supply Chain Finance (SSCF) programme in Algeria with the aim of supporting clients as they advance their ESG priorities, improve the resilience of their supply chains and manage their working capital needs.
Supply Chain Finance (SCF) programs benefit companies and their suppliers as they prioritize their working capital positions respectively. In using Citi’s SCF program, for example, the bank would provide financing to a client’s suppliers from the date of collection of specific goods/provision of services to the date on which payment is owed to these suppliers.
Citi’s first MENA SSCF program has been implemented for German chemical and consumer goods company, Henkel. Qualifying suppliers can access Citi’s supply chain financing at preferential rates, improving as a supplier’s sustainability score improves.
“Launching first in Algeria, we are committed to continue to implement it in other countries of the region in the near future,” confirmed Bülent Pehlivan, Regional Head of Finance-India, Middle East and Africa.
“We will collaborate with Henkel in this first SSCF program in the MENA region. It is really pleasing to see that Henkel and Citi share a strategic focus on ESG,” remarked Dave Aldred, MENA Head, Treasury and Trade Solutions, Citi. “We are committed to provide innovative ESG-linked solutions to our clients and to expand the use of our Sustainable Supply Chain Financing Program in the region,” commented Marcel Hanen, Citi Regional Head of the Global Subsidiaries Group – Middle East, North Africa, Pakistan and Turkey.