Singtel Group launches USD565m loan under new Olives initiative

26 Apr 2021

Singtel Group has launched a sustainability linked loan worth SGD750 million (USD565.4 million) – the largest SG-dollar denominated sustainability-linked loan in the country to date – marking its first tentative steps into sustainable financing under its new ‘Olives’ programme. The Singapore Business Review notes the three-year loan will be offered through 100% owned subsidiary Singtel Group Treasury Limited with interest rate discounts pegged to predetermined environmental, social and governance (ESG) targets in areas such as climate risk, carbon management and workplace health and safety metrics. The loan is reportedly guaranteed by Singtel and will be used for ‘general corporate purposes’.

The online portal cites Singtel Group chief financial officer Arthur Lang as saying: ‘Under Olives, we will potentially launch other ESG-related loans and green bonds in future. Having long integrated sustainability across our business, we are taking the crucial next step of extending this to our financing strategy as we continue to hold ourselves accountable for making a positive impact on society.’

Singapore, Singtel Group