DCM BBVA Blue (IFC-48267)

Countries
  • Colombia
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
Jul 17, 2023
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
Banco Bilbao Vizcaya Argentaria Colombia S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Climate and Environment
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 50.00 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.
Project Cost (USD)
$ 150.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 21, 2023

Disclosed by Bank Jun 15, 2023

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Contact the EWS Team

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.

As stated by the IFC, the proposed project entails a blue bond to be issued by Banco Bilbao Vizcaya Argentaria Colombia S.A. and subscribed by IFC. The blue bond proceeds will be used by the Bank to promote a sustainable blue economy and management of clean-water resources. 
The project will involve an Advisory Services component to support the Bank in identifying blue business opportunities.

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.

This project has been categorized as FI-2 in accordance with IFC's Sustainability Policy.

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

As stated by the IFC, the proposed project consists of an IFC investment of up to US$50 million to subscribe BBVA Colombia’s blue bond issuance. IFC will mobilize up to US$100 million from other international investors.

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.

As stated by the IFC, BBVA Colombia is a systemic financial institution, being the 4th largest bank in Colombia and the largest foreign player with market shares of 10.6% and 11.0% in terms of gross loans and customer deposits, respectively, as of March 2023. The Bank is a subsidiary of a global financial institution. As of March 2023, the Bank has US$20.9 billion in total assets and a capital base of US$1.3 billion. The Bank has ample presence in the Country through a network of 500 branches, 1,498 ATMs, more than 36,000 banking agents, 5,284 employees and over 7.6 million clients. With over 160 years of experience, BBVA Group is one of the largest financial groups worldwide, serving over 81.7 million clients in more than 25 countries, through 6,083 branches, 29,148 ATMs, and more than 110,000 employees. As of March 2023, the Group reported total consolidated assets of US$804 billion, 68.3 active clients, and 116.923 employees.


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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Financial Intermediary - Banco Bilbao Vizcaya Argentaria Colombia S.A.:

David Pacheco - Director de Sostenibilidad
Phone: +57 3106189288
Email: carlosdavid.pachecho@bbva.com
Address: Carrera 9, #72-21, Piso 8 - Bogotá, Colombia
Website: https://www.bbva.com.co/ 

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