PrimeWater to get green-linked loan

PRIMEWATER Infrastructure Corp. signed a sustainability-linked loan agreement with Cathay United Bank to work on environmentally and socially sustainable initiatives.

The partnership benefits PrimeWater’s various sustainability-related projects that aim to protect the planet, end poverty, and ensure peace and prosperity for all. The company is expected to develop its sustainability roadmap within the year.

“PrimeWater understands that a commitment to sustainability is the future. This partnership reinforces that commitment as it will strengthen our company’s projects and initiatives,” Cynthia Javarez, president of Prime Asset Ventures Inc., said in a statement.

PrimeWater is committed to protecting the environment by providing watershed protection and adoption, a clean-up campaign, and the planting of mangrove trees.

At the same time, the company supports its communities through other corporate social responsibility programs, such as handwashing hygiene and sanitation stations and livelihood programs for micro-entrepreneurs.

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Joseph Chen, senior vice president and general manager of Cathay United Bank for Manila, expressed his optimism about the bank’s participation in PrimeWater’s initiatives.

“We are even more committed to strengthening our sustainable financing with PrimeWater as we recognize our common goals and mission,” Chen said.

Chen added that the company is looking forward to prospering together in this endeavor.

Cathay United Bank, a major subsidiary of Cathay Financial Holdings Co. (Cathay FHC), promotes climate change awareness in all of its operations.

The company typically partners with other organizations promoting ESG or equator principles, science-based goals, among others.

To align with Cathay FHC 2050 net zero carbon emissions target, the group is implementing carbon reduction targets in financial assets, establishing green deposits, promoting sustainable finance and supporting energy finance renewable.

In addition, Cathay FHC aims to achieve 100% use of renewable energy in all of its group operations.