Citi has launched sustainable business and working capital loans in Europe, the Middle East and Africa (EMEA), Latin America (LATAM) and Asia-Pacific (APAC), the banking giant said in a press release. press Tuesday, April 5.
Citi says the product will initially launch in 80 countries in those regions and then roll out in North America throughout the year.
“The launch follows the successful rollout of Citi’s sustainable supply chain finance offering and represents the next step in the journey to expand Citi’s sustainable trade and working capital solutions as part of key to Citi’s broader commitment to advancing its environmental, social and governance (ESG) agenda,” the company said.
These new loans help Citi’s corporate, commodity, financial institution, and commercial bank clients manage their working capital needs by financing their international trade finance and day-to-day business operations.
In addition, business and working capital loans can help clients achieve their sustainability goals where loan proceeds are used for social or environmental purposes.
“As part of Citi’s Commerce and Working Capital business, we work closely with our clients to support their supply chains and ecosystem transition to a sustainable, low-carbon business model that balances the environmental, social and economic needs of society,” said Peadar Mac Canna. , who leads Citi’s commercial and working capital operations for the EMEA region. “Combined with our digital solutions, Citi’s Sustainable T&WC Loans enable clients to use loan proceeds for or in connection with ESG purposes.”
Read more: Citi unveils ‘green deposits’ for environmentally conscious customers
The bank says the new loans are in line with Citi’s commitment to greater sustainability. In 2020, the company rolled out its “five-year, $250 billion environmental financing goal,” designed, as Citi puts it, “to advance solutions to address climate change around the world in addition to focused priorities. on climate risk and sustainable operations”.
Citi has also committed $1 trillion to sustainable finance by 2030, including $500 billion for environmental finance and $500 billion for social finance.
“Companies around the world are increasingly looking to embed sustainable practices into their operations,” Davida Heller, Citi’s chief sustainability strategy officer, said in the release. “At Citi, we support our customers every step of the way with our products and services, and this expanded working capital loan offering represents an additional tool in our toolbox to help our customers achieve their sustainability goals. .”
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