ICBC London Branch secures US$400 million green loan
The dual currency term loan facility in US dollars and British pounds marks the first-ever green loan principles compliant loan facility for a Chinese bank
Industrial and Commercial Bank of China (ICBC) London Branch has secured a US$400 million green loan to finance its green projects, in line with ICBC’s newly established Green Finance Framework.
The dual currency term loan facility in US dollars and British pounds marks the first-ever green loan principles (GLPs) compliant loan facility for a Chinese bank, highlighting ICBC’s commitment to further supporting the green economy transition and the development of green finance globally. It is also the inaugural green loan raised by ICBC London Branch.
BNP Paribas and HSBC acted as joint green coordinators and mandated lead arrangers.
In 2018, ICBC issued its second Certified Climate Bond through their London Branch and it is currently the largest green bond listed on the London Stock Exchange. In 2017, ICBC issued its first Certified Climate Bond through its Luxembourg branch. The proceeds of this green bond were earmarked to finance and refinance a broad range of green assets.
ICBC was the first commercial bank in China to join the UN Global Compact in 2012 and joined the UN Environment Programme Finance Initiative (UNEP FI) in 2014. It is also a member of the standing council of Green Finance Committee established under the China Financial Forum and is an active advocate of developing green finance in order to boost sustainable development.
Ruixiang Han, general manager, ICBC, says, “I am delighted to announce the launch of this exciting and innovative new transaction for ICBC London Branch. ICBC is a wholehearted advocate of green principles and takes its environmental responsibilities very seriously.”
Paul Yang, head of Greater China and CEO of BNP Paribas Hong Kong, says, “The signing of the Mandate Letter represents a landmark moment for sustainable finance in China and reinforces BNP Paribas’ capacity to deliver solutions that align both the financing and sustainability strategies of our global institutional clients.”
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