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Standard Chartered and Wilmar International halt $200 million Finance facility

Standard Chartered and Wilmar International announced the closing of a sustainability-linked trade finance facility worth $200 million on January 16.

This facility’s margin ratchet will fluctuate annually based on Wilmar’s performance relative to predetermined internal key performance metrics and external benchmarking criteria.

Wilmar International Obtains $200 Million In Trade Finance Facility

As an international trade bank committed to assisting our clients in transitioning to net zero and growing sustainably across their footprint, we are pleased to play a pivotal 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 assisting more companies on their path to sustainable growth, according to Freddy Ong, head of client coverage for Singapore at Standard Chartered’s corporate, commercial, and institutional banking division.

We are glad to have Standard Chartered’s assistance as we pursue our sustainability goals. Our holistic strategy for integrating sustainability concepts into all facets of Wilmar’s business operations continues to include sustainable financing.

Wilmar’s chief financial officer, Charles Loo, believes it is essential to align sustainability goals with business and financial operations in order to establish a future-ready, responsible firm.

Wilmar shares gained 1 cent, or 0.24%, to $4.15 on January 13.

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Charles Loo’s Objectives

Standard Chartered-Wilmar International-Finance-Money, Charles Loo
Standard Chartered and Wilmar International announced the closing of a sustainability-linked trade finance facility worth $200 million on January 16.

According to the bank, the margin ratchet on this facility would fluctuate based on the annual performance of the Singapore-listed agriculture company relative to preset internal key performance metrics and external benchmarking standards.

Charles Loo, chief financial officer (CFO) of Wilmar, stated that the trade finance facility will assist the company in achieving its sustainability goals.

Wilmar has actively utilized sustainable funding options since 2017.

Late in 2022, Wilmar committed to the Science Based Targets initiative (SBTi) and outlined a 1.5-degree Celsius pathway for corporate climate goals.

The company placed third among Food Products companies on the DJSI World Index, first in the Global Child Forum’s standard for children’s rights, and first in the Sustainable Palm Oil Transparency Tool (SPOTT) Assessment during the same year.

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