According to both companies, the loan incentivises better social outcomes with environmental, social and governance performance and sustainability commitments included to improve organisational behaviours and build a better Australia.
It is the first loan available in Australia linked to better social outcomes and the largest such loan on offer by a single lender.
This sustainability-linked loan facility includes a commitment by Wesfarmers to increase Indigenous employment opportunities and reduce its carbon emissions.
CBA group executive Andrew Hinchliff said with environmental, social and governance considerations very much a priority these days for many Australian businesses the social and environmental impacts of doing business had never been more important.
He said sustainability was now considered a core part of investing for growth.
"At the heart of it, sustainable finance incentivises improved organisational behaviours that build a better Australia and lead to more sustainable outcomes," Hinchliff said.
"It's been great to collaborate so closely with Wesfarmers over the last several months and superb to see them leading from both an environmental and social point of view."
Wesfarmers chief financial officer Anthony Gianotti said commitment to ESG performance and sustainability was aligned with the company's core objective.
"It goes to the heart of delivering long-term sustainable value creation and it's clear our investors, institutional and retail, see it the same way, as do the debt capital markets," he said.