Global law firm White & Case has advised the International Finance Corporation, the Asian Development Bank, DEG and Proparco on a US$150 million syndicated blue loan for Bank of Qingdao (BQD).

The loan proceeds will be on-lent to projects in line with the 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 to develop a blue bond/loan taxonomy under its blue finance framework in line with globally acceptable principles.

It has also formalized 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.

“This is a ground-breaking transaction that demonstrates China’s commitment to addressing the challenges of marine litter,” says 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.”