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Overview

China Construction Bank (Malaysia) provides a RM45 million MYR loan to Boustead Plantations for its sustainable replanting project.

Commitments (Constant USD, 2023)$9,663,946
Commitment Year•2022Country of Activity•MalaysiaDirect Recipient Country of Incorporation•MalaysiaSector•Agriculture, Forestry, FishingFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 1, 2022

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • China Construction Bank (Malaysia) Berhad (CCBM)

Receiving agencies

State-owned companies

  • Boustead Plantations Bhd

Loan description

China Construction Bank provides MYR 45 million Green Financing Deal (loan) to Malaysian Boustead Plantations in 2022

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2022, Malaysia’s Boustead Plantations BHD (BHB) signed a green financing deal with China Construction Bank (Malaysia) Berhad worth RM45 million MYR. The purpose of the deal was to improve sustainable replanting exercises in what is called commitments towards "environmental, social and governance (ESG) efforts." The specific loan details of this financing agreement are unknown. The proceeds were to be used to assist with its sustainable replanting project under its sustainable replanting programme, particularly for its plantation assets in Sabah. The financing agreement was signed by BPB director Ahmad Shahredzuan Mohd Shariff and its company secretary Affendi Mohd Yob, while China Construction Bank was represented by its executive vice president Wang Shaoqiang. Zainal Abidin and chief executive officer Wang QiJie witnessed the ceremony. BPB is one of Malaysia's major palm oil companies and seeks CCB's assistance in optimizing the potential of its plantation assets in Sabah.