PT Bank DBS Indonesia (“Bank DBS Indonesia”) and PT. Indo-Rama Synthetics Tbk (“Indorama”), a publicly listed integrated spun yarns and polyester producer and a subsidiary of Indorama Corporation Pte. Ltd., Singapore (“Indorama”), today announced the signing of a USD 10 million credit facility to help advance Indorama’s sustainability agenda.

The facility will be used to finance the development of infrastructure to connect Indorama’s manufacturing complex – located in Purwakarta, West Jawa – to the national grid, to transition from captive coal-generated power. The project will also help to improve the energy efficiency of the factory complex and contribute towards reducing Indorama’s carbon footprint.

Indorama will track the project timelines, measure and report its greenhouse gas emissions annually to Bank DBS Indonesia.

Managing Director and Group Chief Financial Officer of Indorama V S Baldwa, said: “Indorama has made significant commitments towards creating a sustainable future and this project is an important step towards reducing our Group’s carbon emissions in line with our sustainability improvement plans. This financing further reinforces our long-standing relationship with Bank DBS Indonesia in leveraging their sustainability leadership for this milestone project.”

Managing Director, Head of Group Strategy, Transformation, Analytics & Research at Bank DBS Indonesia Bimo Notowidigdo, said: “Sustainability is becoming an increasingly important agenda for the country and corporations. Bank DBS Indonesia is keen to support the decarbonisation of Indonesian companies across industries, as part of our commitment to support the Indonesian Government’s net zero plan by 2060. We are excited to support Indorama in their decarbonisation journey, such as this transition from their captive coal-fired power plants.”

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About DBS
DBS is a leading financial services group in Asia with a presence in nineteen markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 15 consecutive years from 2009 to 2023.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.

DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

DBS Indonesia partners PT. Indo-Rama Synthetics Tbk to advance its sustainability agenda