IFC to invests $50m in Colombia’s biodiversity bond

The International Finance Corporation (IFC), a member of the World Bank Group, has announced an investment of up to $50 million in a biodiversity green bond issued by Banco Davivienda.

This funding will support projects aimed at conserving and restoring Colombia’s biodiversity, including initiatives in climate-smart agriculture, reforestation, and sustainable freshwater and marine production.

Davivienda, Colombia’s second-largest bank, is committed to having at least 30 per cent of its portfolio in sustainable loans by 2030. IFC will also provide advisory services to help Davivienda enhance its green financing framework.

This bond issuance is notable as it represents the second biodiversity bond globally and is expected to attract international investors interested in sustainable finance.

Alfonso García Mora, IFC Vice President for Europe, Latin America, and the Caribbean, emphasised the importance of the partnership in promoting sustainability in Colombia. The announcement coincides with COP16 activities taking place in Cali, Colombia, from October 21 to November 1.

Attribution: IFC

Subediting: M. S. Salama