Thai Union secures $150m loan package for shrimp farming expansion

Thailand-based seafood producer the Thai Union Group has secured a financing package totalling US$150 million to help expand its shrimp farming activities.

Thai Union said the financing package provided by the Asian Development Bank (ADB) will help advance, "Thailand’s position as a global seafood leader while aligning with national efforts to transition towards a resilient 'blue economy'."

The loan will enable Thai Union to scale up its sourcing of sustainable shrimp, specifically, shrimp that is certified under standards recognised by NGO Global Sustainable Seafood Initiative, the Aquaculture Stewardship Council and certification program Best Aquaculture Practices, or sourced from farms participating in aquaculture improvement projects.

Thai Union said this approach, "prioritises both environmental and social responsibility, with a focus on biodiversity protection, feed traceability, reduced carbon emissions through 'renewable energy' and improved feed conversion ratios, as well as the prevention of deforestation."

ADB's co-financing partners for the program include Bank of China (Hong Kong), HSBC, MUFG Bank (Singapore), OCBC, Sumitomo Mitsui Banking Corporation (Singapore), and United Overseas Bank.