Citi has launched a new sustainability-focused time deposit offering for corporate and institutional clients in Asia-Pacific.
Funds invested in the Sustainable Time Deposit will be allocated to finance or refinance assets in a portfolio of eligible green and/or social finance projects, 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’ Sustainable Development Goals.
Available initially in Singapore and Hong Kong, the new deposit solution promises competitive yields and follows a number of sustainable finance products introduced under the bank’s Treasury and Trade Solutions (TTS) last year, such as sustainable supply chain financing and sustainable trade loans.
Environmental projects that will be financed through the time deposits include those involving renewable energy, energy efficiency, sustainable transportation, green building, and water quality and conservation.
Social projects include expanding access to affordable basic infrastructure like water/sanitation and digital connectivity for low-income communities and women in emerging markets. They also include providing access to essential services such as healthcare, education, affordable housing and financing for entrepreneurs and smallholder farmers.