IFC provides $60 million loan to BBVA Perú to finance green buildings and fight climate change
Lima, Peru, January 26and 2022. A new investment in BBVA Perú will help revive the underdeveloped green building finance market in Peru, mitigating the impact of climate change on buildings by strengthening BBVA’s ability to structure green building finance by following the international best practices.
The International Finance Corporation (IFC), a member of the World Bank Group, has signed a $60 million loan to support BBVA Perú’s efforts to grow its green building business by financing buyers’ green mortgages and providing consulting services through EDGE, IFC’s green building company. certification program.
Elizabeth Martínez de Marcano, IFC’s director for the Andean region, said: “It is an honor to participate in this investment with BBVA Perú. This is the first green mortgage project with a major player in the Peruvian financial market, making it a unique opportunity for IFC to support financial inclusion, housing, and green building finance in the country.”
“The agreement with the IFC helps us to have a positive impact on the quality of life of people who buy a home and reinforces BBVA’s commitment to sustainability in Peru. Our goal is to support our customers in the transition towards a greener and more sustainable future, also driving economic growth that creates more opportunities for all,” said Fernando Eguiluz, CEO of BBVA in Peru.
The investment is IFC’s first green project in Peru supported by the Market Accelerator for Green Construction (MAGC) program, which is sponsored by the United Kingdom, acting through the Department of Business, Energy and industrial strategy. MAGC helps develop green construction in emerging markets by incentivizing financial intermediaries to develop green residential construction.
Over the next decade, green buildings will represent a significant low-carbon investment opportunity in emerging markets – $24.7 trillion by 2030. Cities in emerging markets are growing at a rapid pace to keep pace with high population growth and rapid urbanization. The footprint of the buildings that dot our horizons is expected to double by 2060. Most of this growth will occur in residential construction, especially in middle-income countries. By accelerating the construction of certified green buildings, the MAGC program aims to mobilize $2 billion in investments to help mitigate climate change.
IFC, a member of the World Bank Group, is the world’s largest development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private businesses and financial institutions in developing countries, leveraging the power of the private sector to end poverty. extreme poverty and boost shared prosperity as economies grapple with the effects of the COVID-19 pandemic. For more information, visit www.ifc.org.
BBVA is a global customer-centric financial services group founded in 1857. The group has a strong leadership position in the Spanish market, is the largest financial institution in Mexico and has leading franchises in South America. It is also Garanti BBVA’s largest shareholder in Turkey and has a significant investment banking, transactional and capital markets business in the United States. helping them make the best financial decisions, through a simple and convenient experience. The institution is based on solid values: the client comes first, we think big and we are one team. Its responsible banking model aspires to a more inclusive and sustainable society.
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