EXIM Thailand has collaborated with IFC of the World Bank Group in maritime financing in an amount of 85 million US dollars to Precious Shipping Public Company Limited. It is the first global collaboration between the global financial institutions to render a maritime credit facility in the form of financial innovation that promotes sustainable environmental development amid the COVID-19 pandemic, which is in line with EXIM Thailand's role toward being a Sustainable Development Bank.
Dr. Rak Vorrakitpokatorn, President of Export-Import Bank of Thailand (EXIM Thailand); Mr. Vikram Kumar, New Business Manager, Infrastructure and Natural Resources for Asia Pacific, International Finance Corporation (IFC); Mr. Alexander Nondh Langfeldt, Executive Vice President, Head of Corporate Banking, TMBThanachart Bank Public Company Limited (TTB); and Mr. Khalid Moinuddin Hashim, Managing Director, Precious Shipping Public Company Limited (PSL), jointly signed a syndicated loan agreement worth a total of 85 million US dollars. The credit facility from the three financial institutions aims to finance PSL's provision and management of cargo shipping with an eco-friendly fleet of four specialized cement carriers and one bulk carrier. The vessels are young aged and equipped with environmental protection system conducive to reduced waste and greenhouse gas generation and less use of onshore-sourced fresh water for water suppliers on the vessels with main transportation routes covering South Asia.
"This financial support represents the first collaborative endeavor between EXIM Thailand and IFC, a member of the World Bank Group, to render a sustainability-linked financial package for merchant maritime businesses' environmental, social and governance performance improvement. This is also in line with EXIM Thailand's mission of "renovation, building, enhancement," i.e. to renovate industries that may have suffered from the COVID-19, build new industries of the future, and enhance competitiveness of Thai entrepreneurs in the global market of the new era with commitment to sustainable development," added Dr. Rak.