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Overview

Bank of China contributes to a $300 million USD syndicated sustainability-linked loan to QIC Global Infrastructure Fund for unspecified purposes

Commitments (Constant USD, 2023)$37,500,000
Commitment Year•2023Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 1, 2023

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Bank of Nova Scotia (Scotiabank)
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • ING Group N.V.
  • Mitsubishi UFJ Financial Group
  • Mizuho Bank, Ltd.
  • Sumitomo Mitsui Banking Corporation (SMBC)

Receiving agencies

State-owned companies

  • QIC Global Infrastructure Fund (QGIF)

Loan description

Bank of China contributions to a $300 million USD syndicated sustainability-linked loan to QIC Global Infrastructure Fund for unspecified purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

In December 2023, a syndicate of eight banks — including the Bank of China (BOC) — entered into a $300 million USD syndicated sustainability-linked loan (SLL) agreement with QIC Global Infrastructure Fund — a fund managed by Queensland Government-owned QIC Limited — for unspecified purposes. As a SLL, this loan featured Key Performance Indicators (KPIs) against which the borrower's performance was assessed; specifically, the KPIs in this SLL measured borrower's performance Science Based Targets initiative (SBTi) validation for portfolio companies, gender diversity, Global Real Estate Sustainability Benchmark (GRESB) Rating, and stretch targets demonstrating reduction in greenhouse gas emissions for portfolio companies with SBTi-validated targets. The SLL was issued in alignment with the Sustainability Linked Loan Principles 2023. In addition to BOC, the following lenders contributed to the loan syndicate: Commonwealth Bank of Australia (CBA), Australia and New Zealand Banking Group (ANZ), ING Group N.V., Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation (SMBC), Mizuho Bank, and the Bank of Nova Scotia (Scotiabank). MUFG Bank and ANZ served as joint sustainability coordinators.

Staff comments

1. The individual contributions of the eight lenders to this $300 million USD syndicated loan is unknown. Therefore, for the time being, AidData has estimated the contribution of BOC by assuming that each lender contributed equally ($37,500,000 USD) to the loan syndicate.