Wilmar International Bags Sustainability-Linked Trade Finance Facility Worth US$200 Million
Wilmar International Ltd
Wilmar International and Standard Chartered have completed a trade financing deal worth US$200 million tied to sustainability.
The bank says that the margin ratchet on this facility will "move according to the Singapore-listed agribusiness company's annual performance against predefined internal key performance indicators and external benchmarking standards."
Charles Loo, Wilmar's Chief Financial Officer (CFO), said that the ESG trade finance facility would help the company reach its sustainability goals.
Wilmar has been actively leveraging sustainable trade finance solutions since 2017.
Wilmar committed to the Science Based Targets initiative (SBTi) in late 2022, expressing climate objectives of 1.5 degrees Celsius.
During the same year, the company was ranked third among food product companies on the DJSI World Index, first in the Global Child Forum's benchmark for children's rights, and first in the Sustainable Palm Oil Transparency Toolkit (SPOTT) Assessment.
Source: Singapore Business Review