21 February 2023
Clifford Chance advises on landmark green finance facility in Bangladesh
Leading international law firm Clifford Chance has advised Citibank and Japan International Cooperation Agency (JICA) on the international aspects of a US$100 million loan agreement with Bangladesh’s BRAC Bank Limited (BRAC Bank).
This landmark collaborative initiative will see the funds from JICA being utilised for projects that meet the green finance requirements of Bangladesh Bank, Bangladesh’s central bank, under its Sustainable Finance Policy for Banks and Financial Institutions, and will contribute to climate change mitigation and the improvement of environmental issues in Bangladesh. The facility will thereby also contribute to the achievement of the UN SDGs (Sustainable Development Goals) 6 (Clean water and sanitation), 7 (Affordable and clean energy) and 13 (Climate action). Citibank also acted as arranger and coordinator in respect of this milestone green financing.
Partners Hans Menski (Tokyo) and Thomas England (Singapore) and senior associate William Holmden (Singapore) advised Citibank and JICA on the transaction.
Hans commented, “We are immensely proud to have advised on this landmark transaction which will contribute to sustainable development in Bangladesh and support investments in renewable energy and energy-efficiency projects.”
JICA's press release with respect to this transaction is located here.
Clifford Chance is a leader in green finance, having previously advised Bank of China (Hong Kong) and HSBC on the world's largest retail green bond issuance, on Lenovo's landmark inaugural green bond issuance, on Vena Energy's inaugural green project bond in Japan and the Asian Development Bank on Vietnam's first certified green loan for the country's largest single operating solar power plant.