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MUFG Taiwan loans back Formosa Plastics ESG agenda
Green facilities cover cross-section of client's interests in steel manufacturing, petrochemicals
The Asset 22 Dec 2021

MUFG Bank (Taiwan) has completed two sustainability-linked facilities valued at close to NT$6 billion (US$208 million) with entities within Formosa Plastics Group (FPG) in support of the further development of its steel manufacturing and petrochemical businesses.

The bilateral transactions underscore the growing demand among Taiwanese corporates for sustainable solutions, and represent the first time MUFG has structured green facilities covering a cross-section of a client’s industrial interests, thereby setting a new benchmark for the bank’s environmental, social and governance (ESG) financing track record.

The three-year facilities are developed in accordance with MUFG’s ESG framework and are aligned with FPG’s sustainability targets. The facilities accord favourable financing conditions depending on FPG’s fulfilment of pre-agreed ESG performance benchmarks.

“This latest facility out of Taiwan is further proof of the growing ESG awareness of the local corporate sector and its deepening commitment towards transitioning into more sustainable business models,” says Colin Chen, MUFG’s head of ESG finance for Asia-Pacific. “This profound sense of responsibility to future generations and the environment is deeply shared by MUFG, and we will continue to leverage our regional presence, global reach and capabilities to continue this sustainability journey together with our clients.”

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