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BlackRock must hit ESG targets or face paying more to borrow money

The money manager and its lenders tied costs around a $4.4bn credit facility to BlackRock’s diversity and sustainability goals

Investment giant BlackRock will need to hit its staff diversity targets and other sustainable business goals to keep its corporate borrowing costs down.

The firm struck a financing deal with a group of banks that links its lending costs for a $4.4bn credit facility to its ability to achieve certain goals, like meeting targets for women in senior leadership and Black and Latino employees in its workforce.

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