AMMB Holdings Bhd is providing a RM450 million financing facility to E&O's subsidiary for the Andaman Island project in Penang.

The initiative focuses on environmental sustainability, with all buildings designed to meet Green Building Certification standards.

E&O aims to minimise new material usage and reduce the island's carbon footprint.

The collaboration underscores the commitment to green initiatives and a sustainable future.

AmBank's group CEO, Datuk Sulaiman Mohd Tahir emphasised the role of financial institutions in supporting environmentally sustainable projects.

E&O's executive chairman, Datuk Tee Eng Ho, expects a gross development value of over RM17 billion for Phase 1 of Andaman Island over 15 years.

The project emphasises sustainable living and community building.

As of the latest market close, AmBank's shares ended at RM3.81, and E&O's shares closed at 59.5 sen.