The Red Sea Development Company (TRSDC), the operator of the world's most groundbreaking regenerative tourism initiative. It was revealed on Tuesday that it had closed an SR14.120 billion ($3.76 billion) term loan and revolving credit facility with four Saudi banks.

"Environmental Financing certification was granted, immense thanks and gratitude goes to TRSDC's industry-leading commitment to social and environmental development and the Red Sea Project's international reputation as an environmental project,” said TRSDC CEO John Pagano.

“This is the first riyal-denominated credit facility to be accredited by Green Financing."

John Pagano further explains, "The scope of this initiative is unparalleled anywhere around the world, and we are constantly establishing new benchmarks in regenerative tourism. By taking a completely different approach to architecture and using more sustainable building practices, and employing ground-breaking technologies, we are not only trying to reduce our environmental footprint but also helping to build on our promise to reach a 30 percent net conservation advantage by 2040.”

“It is because of this innovative strategy that we have been able to obtain the first-ever Riyal-denominated Green Finance credit facility."

TRSDC's chief financial officer, Jay Rosen, said, "This is yet another achievement for the Red Sea Project and Vision 2030, and we are immensely delighted to have established our debt funding and capital commitment for our initial process."

By making the banks sponsor the initiative; this funding provides another degree of credibility. Our proposal would be much more appealing to the investors if we can have an adequately secured funding structure.”