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UOB loan to Indonesian coal miner’s unit raises climate concerns
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The nine-year loan raises questions about UOB’s support given that the bank said that it will not fund new coal power plants.
PHOTO: LIANHE ZAOBAO
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SINGAPORE – UOB is part of a small consortium of banks that refinanced a US$350 million (S$469 million) loan to a subsidiary of coal miner PT Adaro Energy Indonesia.
The Indonesian firm is trying to raise funds for a large aluminium smelter for an industrial park in North Kalimantan province that will initially have to rely on coal power.
