UOB Malaysia today announced that it has extended a green trade finance facility under the UOB Green and Sustainable Trade Finance Framework to IOI Corporation Berhad (IOI), one of Malaysia’s leading global integrated and sustainable palm oil players.
The facility will help the company promote sustainable palm oil and strengthen the global sustainable palm oil supply chain.
IOI’s responsible and sustainable practices, which include good agricultural practices, sustainable palm oil production, and responsible sourcing of sustainable palm oil, represent its Group’s corporate responsibility and firm commitment. These are also fundamental prerequisites to UOB Malaysia’s assessment.
Ms Ng Wei Wei, Chief Executive Officer, UOB Malaysia said, “As a financial institution, UOB understands the critical role we play in supporting companies to achieve their sustainability-related targets and aspirations. To that end, we have been sharing our expertise on how they can use our sustainable finance products and solutions to boost their sustainability efforts. This collaborative approach helps to drive greater market adoption of green financing and encourages more businesses to grow responsibly.
“We are pleased to extend our green trade finance facility to IOI to help accelerate its sustainability agenda and to promote sustainable palm oil. IOI has taken important steps to mitigate its environmental, social, and governance risks such as good overall agronomic practices and building more resilient supply chains. Furthermore, we are delighted that our green trade financing facility will also be supporting the global trade flows of palm oil, which is a key export for Malaysia.”
