Represents the role of BNP Paribas and Citibank in sustainable financing, as portrayed on our site.
In a groundbreaking move towards sustainable finance, a unique sustainability-linked dual currency pre-export finance facility has been successfully closed on July 31, 2025. The transaction involves BNP Paribas, Citibank, N.A., Companhia Brasileira de Alumínio (CBA), SACE, and a legal team led by José Cobeña.
The financing facility, worth a total of US$50 million and EUR 44 million, supports Brazilian aluminum exports by linking the loan terms to measurable environmental outcomes. This alignment with the Sustainability-Linked Loan Principles set by the Loan Market Association underscores the deal's commitment to sustainability.
SACE, an Italian insurance and finance group controlled by Italy’s Ministry of Economy and Finance, acts as a guarantor under its Push Strategy program. This program encourages international buyers to increase purchases of Italian-made industrial equipment and services tied to aluminum production inputs, deepening trade links between Brazil and Italy.
The legal advisory and cross-border coordination were delivered by a Norton Rose Fulbright team led by José Cobeña, with support from other lawyers located in Brazil, Italy, the UK, and the US. Their work harmonized environmental sustainability requirements and export finance terms according to local regulatory regimes across these countries.
CBA, a subsidiary to Votorantim, has committed public sustainability targets reducing Scope 1, 2, and 3 emissions intensity through this facility. The targets and emissions management are independently verified by second-party opinions from rating agencies confirming alignment with recognized sustainability finance standards.
The pre-export finance facility is for prefinancing current and future exports of aluminum and related products, as well as other commodities by CBA. The facility is still guaranteed by undisclosed lenders, in addition to SACE.
The transaction exemplifies emerging trends in linking access to export finance capital with tangible ESG (Environmental, Social, Governance) outcomes. It reflects a growing market preference for sustainability-linked financial products across Latin America, Europe, and Asia sectors including commodities and infrastructure.
The deal represents a pioneering cross-jurisdictional deal combining sustainability-linked financing with dual-currency pre-export structures, supported by institutional sponsors BNP Paribas, Citibank, and SACE, and robust legal leadership from José Cobeña and his team. Arturo Sferruzza, Giulio Mariano, and Juliana Souza are among the team members contributing to this significant transaction in Milan and São Paulo.
- In this landmark deal, BNP Paribas, Citibank, and SACE have showcased their commitment to environmental science by participating in a sustainability-linked finance transaction focused on climate-change and aluminum exports, with the financing terms linked to measurable environmental outcomes.
- The environmental-science targets set by CBA, a subsidiary of Votorantim, include reducing Scope 1, 2, and 3 emissions intensity, which are independently verified by rating agencies to ensure alignment with recognized sustainability finance standards, demonstrating their industry's turning point towards sustainable operations.
