South Korea’s Shinhan Bank has announced a USD200m investment in its Indonesian subsidiary, Bank Shinhan Indonesia, from the International Finance Corporation (IFC). This move follows a memorandum of understanding aimed at global expansion and enhancing environmental, social, and governance (ESG) standards, signed earlier between Shinhan Financial Group and the IFC. The investment will be distributed in two phases: an initial USD100m, with an additional USD100m to follow within a year. Bank Shinhan Indonesia intends to allocate the funds across key sectors: 15% for ocean and water resources businesses, 40% for new energy and energy efficiency projects, and 20% for supporting small and medium-sized enterprises, aligning with Indonesia’s carbon neutrality commitment.
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