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Economy Updated: 03 Feb 2024

BBVA supports social development projects in Colombia worth 2.4 billion pesos through August

BBVA in Colombia granted 3.8 billion pesos in sustainable lending between January and August 2023, with $2.4 billion going to inclusive growth projects and $1.4 billion for climate action pursuits. These figures are already up on last year’s total figure and 66% higher than in August 2022.

La importancia del Día Internacional de la Madre Tierra 2022

Sustainable lending for projects undertaken through government entities amounted to more than $873 billion, mainly initiatives by public energy companies aimed at curbing their greenhouse gas emissions.

In the construction sector, support for low-income housing projects has continued to generate excellent results. During the first half of the year, BBVA financed more than 31 projects, for upwards of 6,224 new homes, potentially benefiting 24,896 people.

BBVA has also lent some $72 billion to SMEs led by women, representing more than 52% of the total sustainable SME portfolio, which amounted to $138 billion as of August 2023.

BBVA has also been busy in supporting companies that seek to generate a positive impact on society and are certified with international standards, with the portfolio in this segment totaling $156 billion. The bank has also been supporting the import of hybrid vehicles (€66 billion), which recorded a significant increase in the second quarter of the year.

Last but not least, BBVA recorded 55% growth in financing extended to large companies and major projects, such as the Via 40 highway ($405 billion), which has been catalogued as sustainable as it stands to benefit more than one million Colombians across 13 municipalities and 17 million road users.

BBVA expects to increase funding for sustainable initiatives by 40% over last year’s figure, with a target of $4.7 billion by 2023.

Ultimately, the BBVA Group is looking to mobilize more than €300 billion in sustainable financing by 2025 and it also belongs to the group of 30 founding banks of the UN Principles for Responsible Banking, which define the role of the financial sector in moving towards a low-carbon economy.