Union Bank of India, through its international banking division, has secured a sustainability-linked loan aggregating to a total syndicated facility of $1.5 billion with one of the leading trading corporations globally, the state-owned bank said on Tuesday.
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Under the facility, the Union Bank of India will include three key performance indicators (KPIs) relating to reducing greenhouse gas emissions, responsible sourcing of metals and growing renewable power portfolio.
The sustainability-linked KPIs will have to be tested annually and verified by a third-party expert. Under this structure, the interest rate paid by the borrower on the credit facilities will decrease or increase based on the group’s progress on three key performance indicators (KPIs), the bank said in a statement.
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