DBS Bank to provide green loans in India

By
admin
-
0
1347
People pass a DBS bank branch in Singapore August 12, 2015. Southeast Asian stocks slumped on Wednesday as China's move to extend the yuan devaluation hurt other Asian currencies and hit sentiment toward stocks. In Singapore, banking stocks were among the biggest decliners, dragging the index down 2.9 percent to its lowest closing since March 2014. DBS Group Holdings Ltd, Singapore's biggest bank, fell as much as 6.2 percent and was heading for its biggest one-day decline since March 2009. REUTERS/Edgar Su

Singaporean multinational banking and financial services corporation, Development Bank of Singapore Limited (DBS) Bank has issued its first two green loans of Rs.1,050 crore to CapitaLand in India. DBS has taken the first step by growing sustainable financing footprints with its first two green loans in the country. With this move, DBS was able to claim the gain of being the first Singaporean bank to issue green loans in the country.

As per the report, a three-year 425 crore (SGD 80.8 million) loan to refinance construction financing for the first development phase of International Tech Park Gurgaon (ITPG) and other general corporate purpose related to the projects has been lent by the DBS Bank. In addition to this, another four–and a half-year Rs. 625 crore (SGD 118.8 million) loan has been issued to finance construction costs for the first phase of International Tech Park Chennai, Radial Road (IPC-RR).

ITPG is an 8 million square feet business space situated in Gurgaon which is proposed to be developed in phases, while ITPC-RR located in Chennai has a 4.6 million square feet of development capability for premium Grade A office space capable to operate with 45,000 professionals. 

Tan Su Shan, DBS group head of Institutional Banking added that DBS is planning to establish Singapore as a regional sustainable financing hub with expertise and experience to create meaningful partnerships for casting a more sustainable Asia.

Considering the fact that India posses a promising market with abundant opportunities to go green DBS Bank has concluded over 100 sustainable financing deals worth about SGD 15 billion with the country.

Mr. Neeraj Mittal, the Managing Director and Country Head of Institutional Banking Group DBS Bank India mentioned that India represents a significant opportunity in the sustainable financing area. He further added that they will continue to partner with high impact businesses for contributing to environmental resilience along with their developmental goals.

They believe that financing projects, like CapitaLand’s Tech Parks in India, will enable them to provide economic value along with their responsible banking spirit.