PrimeWater Infrastructure Corp. signed a Sustainability-Linked Loan agreement with Cathay United Bank to work on environmentally and socially sustainable initiatives.
The partnership aims to benefit the various sustainability-linked projects of PrimeWater that aim to protect the planet and end poverty.
The company is set to develop its roadmap to sustainability within the year.
“PrimeWater understands that commitment to sustainability is the future. This partnership reinforces this commitment as it will strengthen our company's projects and initiatives,” said Cynthia Javarez, chairman of Prime Asset Ventures, Inc (PAVI) in a statement.
PrimeWater committed to help protect the environment by conducting watershed protection and adoption, cleanup drives and mangrove-tree planting.
Meanwhile, the company supports its communities through other corporate social responsibility (CSR) programs such as setting up hygiene and sanitation stations and livelihood programs for micro-entrepreneurs.
Cathay United Bank's Senior Vice President and General Manager for Manila Joseph Chen expressed optimism that the bank will be a part of PrimeWater's initiatives.
“We are even more driven to strengthen our sustainable financing with PrimeWater as we recognize our common goals and mission,” Chen said.
Cathay United Bank, a major subsidiary of Cathay Financial Holdings Company (Cathay FHC), has been encouraging climate change awareness.
The company usually partners with other organizations promoting ESG (Equator Principles, Science Based Targets, RE100).
To be aligned with Cathay FHC 2050 net-zero carbon emission target, the group implements carbon reduction targets in financial assets, establishes green deposits, promotes sustainable finance, and supports renewable energy financing.
In addition, Cathay FHC aims to achieve 100 percent use of renewable energy across all its group operations.