UOB, BNP Paribas lead US$200mn green loan for ABC Singapore Branch
This green club loan facility is the first one established under Agricultural Bank of China's Singapore branch's Sustainable Financing Framework
United Overseas Bank Limited (UOB) and BNP Paribas have acted as Joint Green Structuring Advisers and Coordinators for a green club loan facility of US$200 million to Agricultural Bank of China Limited (ABC), Singapore Branch. This is the first green club loan facility established under ABC Singapore Branch’s Sustainable Financing Framework.
The loan proceeds will be used to finance green projects that adhere to the green financing principles, guidelines and standards referenced in the Sustainable Financing Framework, which BNP Paribas and UOB jointly developed for ABC Singapore Branch.
Chaoni Huang, head of sustainable capital markets for Asia-Pacific, BNP Paribas, says, “Chinese banks are recognizing the importance of green finance to their own sustainable growth in this region. With the support of the People's Bank of China and innovative policy frameworks in Singapore, forward-thinking institutions like Agricultural Bank of China Singapore Branch are developing frameworks to guide financing to sectors that can make a big difference to the fight against climate change. BNP Paribas is pleased to play a leading role in such a transaction, which demonstrates that sustainable finance is evolving fast in Asia.”
The US$200 million green loan to ABC Singapore Branch is the first tranche of a US$465 million club loan facility, of which BNP Paribas and UOB are also mandated lead arrangers, together with five other banks. UOB also acted as the agent in the transaction.
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