Thanks to the Yangon branches of two Singaporean lenders
On Wednesday, Myanmar conglomerate Shwe Taung Group revealed that they have secured the country’s first green loan of USD44 million from two Singaporean lender’s Yangon branches, reported the Business Times.
OCBC Bank provided USD 30 million, while the balance was given by the United Overseas Bank (UOB). The green loan will be used by Shwe Taung Group’s subsidiary, City Square Commercial Company, to refinance the previous loan from the same banks acquired for the Junction City Shopping Centre in downtown Yangon.
The shopping mall is part of the mixed-use development of Junction City, which officially opened in 2017. It includes the Pan Pacific Hotel, serviced residences, and an office tower.
The entire development is equipped with green features, like rooftop solar panels, energy-efficient electricity, low energy consuming mechanical systems, and double-glazed glass windows — all proven to reduce energy consumption by around 15 to 20 percent.
The mixed-use development also comes with a self-sustaining waste treatment to ensure that they maintain the cleanliness in the vicinity.
In January, the Junction City acquired the internationally-recognised Green Mark certification from the Building and Construction Authority in Singapore, which enabled them to receive Myanmar’s first green loan. They are also the first shopping mall in Myanmar to receive such certification.
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