BBVA Colombia plans to raise as much as $75 million in the sale of the first biodiversity bonds in the local market, a deal that is being arranged by the International Finance Corporation.
The branch of the Spanish bank has asked IFC, the private sector division of the World Bank Group, to acquire up to $50 million in the notes and mobilize as much as $25 million from other international investors, according to information on the multilateral bank’s website.
The bank said it will use the proceeds to finance projects for reforestation, mangrove conservation or restoration, climate-smart agriculture, the restoration of wildlife habitats, among other things, according to a press release.
IFC will advise BBVA Colombia on identifying biodiversity business opportunities, according to the multilateral bank.
The bank issued $50 million in its first blue bond last year, with IFC acting as structurer and investor, to finance the conservation of freshwater and coastal ecosystems.
CEMENTOS AVELLANEDA LOAN
Meanwhile, the Argentine subsidiary of BBVA said it granted Cementos Avellaneda a ARS10.4 billion ($11.5 million) sustainability-linked loan to add to the cement maker’s working capital.
The company will use the proceeds to help it meet sustainability goals, including the reduction of carbon dioxide emissions and using cleaner fuels in its clinker kiln, BBVA Argentina said.