The bond was created in conjunction with the International Finance Corporation of the World Bank, and seeks to ensure that Colombia's biodiversity becomes a source of economic and social development.

This Tuesday, BBVA Colombia and the International Finance Corporation (IFC), of the World Bank, announced the launch of the first biodiversity bond in the financial sector in the world, with an amount of US$ 50 million with which the entities They intend to work so that Colombian biodiversity becomes a source of economic and social development.

The resources will be used to finance projects focused on reforestation, regeneration of natural forests on degraded lands, conservation or rehabilitation of mangroves, climate-smart agriculture, and restoration of habitats for wildlife.

It is worth mentioning that Colombia, according to UNESCO, is the most biodiverse country per square kilometer in the world, home to 14% of the world's known plant species, only surpassed by Brazil. In addition, it has nearly 4,500 species of birds, a third of the species in the world, making it the country with the greatest diversity of birds on the planet.

“Colombia is the most biodiverse country per square kilometer in the world, which implies an enormous responsibility for all of us who live in it. We have the mission to preserve this biodiversity. Therefore, BBVA is very proud to lead this initiative that we are presenting together with IFC. It not only represents a commitment to biodiversity, but an opportunity to generate economic and social development,” said Mario Pardo, executive president of BBVA.

Alfonso García Mora, vice president for Europe, Latin America and the Caribbean at IFC, said that supporting conservation projects contributes to mitigating the adverse effects of climate change and safeguarding biodiversity. “This future bond issue has the potential to increase access to available financing for initiatives that conserve, restore and protect biodiversity in Colombia. “We are delighted to support BBVA in this initiative”

As explained, the bank will be the issuer and IFC acts as structurer and investor, that is, BBVA will be in charge of granting the bonds to clients who meet the requirements. These bonds will have special rates.

The operation, which is subject to internal processes and approval by the IFC board, in addition to investment, “includes advice to establish eligibility criteria and indicators that allow promoting optimal sustainable management of natural resources,” the entity added.