Citi unveils Sustainable Time Deposit solution in APAC
It will fund environmental and social projects such as water and sanitation infrastructure.
Citi Treasury and Trade Solutions (TTS) has announced the launch of the Sustainable Time Deposit solution in Asia Pacific for its corporate and institutional clients.
Funds invested into the Sustainable Time Deposit will be allocated to finance or refinance assets in a portfolio of eligible green and social finance projects, Citi said. This will be based on criteria set in the Citi Green Bond Framework, Social Finance Framework and Social Bond for Affordable Housing Framework. These frameworks support the United Nations (UN) Sustainable Development Goals (SDGs).
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Environmental projects that will be financed through these deposits include projects in renewable energy, energy efficiency, sustainable transportation, green building, and water quality and conservation.
Social projects include access to affordable basic infrastructure like water and sanitation, and digital connectivity for low-income communities and women in emerging markets, Citi said.
The time deposit solution is now available to clients in Singapore and Hong Kong.