What’s new: The International Finance Corporation (IFC), a member of the World Bank Group, has announced that it will provide a $150 million blue syndicated loan to Bank of Qingdao Co. Ltd., to help the Chinese lender fund environmentally friendly projects oceans.
The loan includes $40 million from IFC and $110 million from the Asian Development Bank, DEG – Deutsche Investitions-und Entwicklungsgesellschaft mbH and Proparco, a French development finance institution, according to a statement released Friday by Proparco.
A blue loan is an innovative financing instrument that allocates funds to ocean-friendly projects such as addressing marine plastic pollution and marine ecological restoration.
“IFC’s investment and advisory service will allow us to focus on critical areas such as sustainable fisheries, waste and water treatment, and plastics management projects, accelerating economic recovery amid of the ongoing pandemic,” said Wang Lin, chairman of the Bank of Qingdao, according to the statement.
The background: The loan is IFC’s first blue financial investment in China, the statement said, with more than 50% of the country’s coastal wetlands lost due to the country’s rapid economic development.
Bank of Qingdao is headquartered in China’s northeast coastal city of the same name, where the shipping industry contributed 30% of its GDP, the statement said.
Related: In Depth: Everything You Need to Know About China’s Decarbonization Drive
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