Standard Chartered and Wilmar International, on Jan 16, announced that both parties have closed a US$200 million ($263.7 million) sustainability-linked trade finance facility.
The margin ratchet on this facility will move according to Wilmar’s annual performance against predefined internal key performance indicators and external benchmarking standards.
“As an international trade bank focused on helping our clients transition to net zero and grow sustainably across their footprint, we are proud to be playing a key role in accelerating Wilmar’s sustainability progress. The agricultural industry is integral to our shared vision of a low-carbon future and Standard Chartered looks forward to supporting more businesses on their pathway to sustainable growth,” says Freddy Ong, head, client coverage, Singapore, corporate, commercial and institutional banking at Standard Chartered.
“We are pleased to have the support of Standard Chartered as we advance our sustainability ambition. Sustainable financing remains part of our holistic approach to integrate sustainability principles into every aspect of Wilmar’s business operations. We believe it is important to align our sustainability goals with business and financial operations in order to build a responsible business that is future-ready,” says Charles Loo, chief financial officer at Wilmar.
Shares in Wilmar closed 1 cent higher or 0.24% up at $4.15 on Jan 13.