Holland & Knight Represents North American Development Bank in Landmark $162 Million ESG Subnational Loans

MEXICO CITY (March 28, 2023) – Holland & Knight advised the North American Development Bank (NADB), acting through its affiliate Cofidan, on two environmental, social and governance (ESG) loans to the Mexican State of Baja California valued at US$162 million (approximately MXN$3 billion). The loan agreement was signed on Jan. 31. NADB made the first disbursement of funds from the ESG loans in March.

The landmark ESG loan facilities are the first of their kind for the State of Baja California, and the proceeds will be used to strengthen the state’s water infrastructure projects. The state was awarded an MXN$1 billion fixed-rate loan and a MXN$2 billion variable-rate loan. This transaction will help Mexico meet its commitments as a participant in the United Nations (UN) Climate Change Conference and the UN 2023 Agenda for Sustainable Development Goals.

Holland & Knight Partners Alejandro Landa Thierry and Guillermo Uribe Lara and Associates Aldo Gonzalez Melo and Santiago Noriega led the firm's representation of NADB.

More information about the transaction can be found here.