According to a joint statement released today, Myanmar’s Shwe Taung Group will receive a “green loan” from the Yangon branches of OCBC Bank and United Overseas Bank (UOB) for respectively USD 30 million and USD 14 million.

The Myanmar conglomerate’s subsidiary, City Square Commercial Company, will use the green loan to refinance an earlier loan taken out for its Junction City Shopping Center, a mixed-use development in Yangon’s downtown, which includes an office tower, a Pan Pacific hotel, and serviced residences that was inaugurated in 2017.

The banks extended the green loan after Junction City attained the Green Mark certification by Singapore’s Building and Construction Authority in January this year. The mixed-use development has green features such as energy-efficient electricity and mechanical systems that lower energy consumption, double-glazed glass windows and rooftop solar panels and a self-sustaining waste treatment system.

OCBC has been on a global green lending spree issuing loans for projects ranging from property development in Hong Kong to hybrid bus fleets in Australia with the objective of constructing a USD 7.2 billion sustainable finance portfolio by 2022.