Singapore-based Pontiac Land Private Limited has received the first green loan in the Maldives.
Pontiac Land converted its loans to a USD180 million green loan from DBS Bank, HSBC, and the United Overseas Bank (UOB). The loan provided by Singaporean banks is a form of financing that enables borrowers to use the proceeds to exclusively fund projects that make a substantial contribution to an environmental objective. It is the first time a company in the Maldivian tourism industry has acquired such a loan.
Pontiac Land Private Limited operates The Ritz-Carlton Maldives and Patina Maldives resorts. The company secured the green loan after acquiring Excellence in Design for Greater Efficiencies (EDGE ) certificate, which is a green building standard that empowers companies to optimise their designs to use less energy, water, and embodied energy in materials.
Upon receiving the green loan, Chief Executive Officer (CEO) of Pontiac Land David Tsang said the Maldives is one of the world’s leading travel destinations and they hope to help lead and encourage the development of greater sustainability methods and practices in the region. The resorts operated by the company are involved in zero-plastic solutions, marine life preservation, and sea turtle rehabilitation.