White & Case advises IFC, ADB, DEG and Proparco on Bank of Qingdao blue loan

Global law firm White & Case LLP has advised International Finance Corporation (IFC), Asian Development Bank (ADB), DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG) and Société de Promotion et de Participation pour la Coopération Economique (Proparco) on a US$150 million syndicated blue loan for Bank of Qingdao (BQD), one of the first blue loans in Asia and globally.

"This is a ground-breaking transaction that demonstrates China's commitment to addressing the challenges of marine litter," said White & Case partner David Li, who led the Firm's deal team. "By completing this transaction we pave the way for the market to sponsor sustainable development programmes in China and other markets, and our role evidences our team's capabilities handling complex cross-border transactions with innovative structures."

The proceeds of the blue loan will be on-lent to projects in line with IFC's Blue Loans Criteria, which BQD has developed as part of its own framework for blue financing with IFC's assistance.

The financing has supported BQD to formulate a blue finance strategy based on an institutional diagnostic and market assessment and develop a blue bond/loan taxonomy under its blue finance framework in line with globally acceptable principles. It has also formalised BQD's practices into an environmental and social management system that has a specific focus on environmental and social risks related to the activities financed by the blue loan, such as marine pollution control and seafood supply chain risk.

The White & Case team in Beijing which advised on the transaction was led by partner David Li and included associate Jeff Wang (Beijing).

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