City Developments bags $500m green loan

The loan will finance the firm’s development projects in Singapore and overseas.

City Developments (CDL) has secured its first green loans amounting to $500m, an announcement revealed.

A green loan of $400m with a three-year term is provided by DBS Bank, which is the advisor for the loan. Another green loan of $10m with a two-year term is provided by The Hongkong and Shanghai Banking Corporation (HSBC), which is the structuring advisor for the loan.

The multi-currency green loan will allow CDL to finance new green developments in Singapore and overseas.

Sherman Kwek, CDL’s CEO, said in a statement. “With the global shift to a low carbon economy, CDL will continue to explore sustainable financing to develop more green buildings that not only bring economic savings but also benefit occupants and the environment.”