JC Leasing Syndicated Sustainability Loan (IFC-48071)

Countries
  • China
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Feb 29, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
JC International Finance & Leasing Co., Ltd
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 225.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 11, 2024

Disclosed by Bank Jan 24, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed investment entails up to 5-year senior syndicated sustainability loan to JC International Finance & Leasing Co., Ltd. (“JC Leasing” or “the Company”), a commercial leasing company sponsored by Legend Holdings Corporation (3396.HK) in China. The loan is to support JC Leasing in growing its climate finance portfolio (energy efficiency, waste management, sustainable water, clean transportation, renewable energy, etc.) and social finance portfolio (women-led SMEs, healthcare, education and vocational training, etc.). The investment comprises (i) IFC A loan of up to US$100 million equivalent in RMB, and (ii) IFC syndicated loan of up to US$125 million equivalent in RMB. The loan will be aligned with the Green Loan Principles (GLP) and Social Loan Principles (“SLP”) of the Loan Market Association (“LMA”) to ensure transparency in use of proceeds, monitoring, and reporting. The investment is expected to be IFC’s first sustainability loan to a financial institution in China.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The proposed project is a syndicated senior loan facility for supporting JC Leasing’s growth of green and social loans portfolio. JC Leasing is a commercial leasing company and provides leasing finance mainly to SMEs, corporates and development projects in China. The project will exclude any higher risk business activities that involve a) involuntary resettlement, b) risk of adverse impacts on Indigenous Peoples, c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage or d) risk of significate retrenchment, or e) significant Occupational Health and Safety risks. The project will not support any coal-related activities including coal mining, coal transportation or coal-fired power plants, and infrastructure services exclusively dedicated to support any of these activities. The project has been categorized as a Category FI-2 project according to IFC Sustainability Policy. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Up to US$225 million equivalent senior syndicated sustainability loan, including up to US$100 million equivalent from IFC’s own account and up to US$125 million equivalent from syndication participants.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

JC International Finance & Leasing Co., Ltd. is a commercial leasing company sponsored by Legend Holdings Corporation in China.

As the sponsor of JC Leasing, Legend Holdings Corporation owns 90.31% equity stake directly and indirectly in JC Leasing. The rest 9.69% is owned by the employee share ownership vehicles of JC Leasing. Headquartered in Beijing, Legend Holdings Corporation was founded in 1984 and has become an industrial operation and investment group in China. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Legend Holdings Corporation Investor -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

JC International Finance & Leasing Co., Ltd
Ms. Xinyi Wu
Senior Finance Director
00862123291112
xinyi.wu@jclegend.com
28th Floor, Infinitus Tower, No. 168, Hubin Road, Huangpu District, Shanghai, P.R.China
http://www.jclegend.com/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works