The proposed Project consists of an up to US$200 million subordinated loan to Banco Bilbao Vizcaya Argentaria Colombia S.A. (“BBVA Colombia” or the “Bank”). Through this project, IFC will support the strengthening of the Bank’s loan growth for green housing and climate smart loans. Subject to internal approvals, the Project may receive support from the Market Accelerator for Green Construction (“MAGC”) Program as discussed in the Blended Finance Section.
According to the bank, the proposed investment consists of a US$200 million senior loan to support BBVA's green lending activities, such as: green building, green housing, energy, water efficiency, transportation, and renewable energy, among others. The activities supported under the project are expected to be of a medium E&S risk nature, including a limited number of business activities that have potential adverse environmental or social risks or impacts that are few in number, generally site specific, largely reversible, and readily addressed through mitigation measures. Therefore, this project has been categorized as FI-2 in accordance with IFC's Sustainability Policy. For the project, BBVA will be required to screen potential sub-projects against the IFC Exclusion List, host country laws and regulations, and the IFC Performance Standards, as applicable. Key risks of the activities supported may derive from the client's capacity to identify, assess, and manage risks associated with its green projects pipeline, which typically include: occupational health and safety issues, labor and working conditions, child and forced labor, waste and wastewater management, land tenure, resource efficiency, pollution prevention, and impacts to vulnerable communities and biodiversity. High E&S risk or category A projects will not be eligible.
By supporting BBVA Colombia, IFC best positions the private sector to support the growth of green buildings and climate smart assets in Colombia.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
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