Cultural district wins $4 billion green loan

The West Kowloon Cultural District Authority has announced that it has signed a HK$4 billion sustainability-linked loan with a syndicate led by the Hongkong and Shanghai Banking Corporation and Standard Chartered Hong Kong.

Proceeds from the loan will be used to meet the authority’s general business financing needs and refinance existing debt to support development in the district, it said in a statement yesterday.

The three-year loan, including a term and revolving credit facility, will provide the authority with a tiered discount rate on the interest margin over the term of the loan if it meets certain environmental, social and previously agreed governance plans, including obtaining green building certification, providing accessibility services to people with disabilities or disadvantaged groups, and providing arts and cultural learning programs for young people, the WKCDA said.

The loan aligns with the authority’s principles of sustainability and accessibility that are embedded in district planning and operations, Chairman Henry Tang Ying-yen said.

“It also marks an important step in the development of the district towards sustainable financing and demonstrates our total commitment to ecology and accessibility.”

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