Quito, 15 Mar IDB Invest, member of the Inter-American Development Bank (IDB), and Ecuador's Produbanco bank issued the first sustainable bond with incentives linked to meeting objectives in Ecuador, the local financial institution reported on Tuesday. The $50 million issue was fully subscribed by IDB Invest, it said in a statement. The banking institution explained that the transaction consists of 40 million dollars aimed, mainly, to support the reactivation and sustainability of small and medium-sized enterprises (SMEs). The remaining 10 million are channeled through IDB Invest into a mixed-finance component of the Canadian Climate Fund for the Private Sector in Latin America and the Caribbean (C2F) and will be used to finance Produbanco's green portfolio. The resources from the bond placement will be used to finance the post-pandemic recovery of small and medium-sized enterprises (SMEs) in Ecuador. They will also allow green financing with a focus on efficient agricultural technologies, renewable energy, energy efficiency and resource efficiency, among others, according to the statement. In addition, this will allow Produbanco to advance the implementation of the commitments and targets of the Banking Alliance for Net Zero Emissions (ABENC), to which it is a signatory. The component of mixed financing with C2F includes an economic incentive to meet key performance indicators that are aligned with Produbanco's objectives, he said. To ensure compliance with the indicators, milestones will be measured, such as growth targets for green credits, definition of decarbonization targets for the credit portfolio and compliance with standards for becoming a member of the Working Group on Climate-Related Financial Statements (TCFD). english). Failure to comply with these indicators will apply a commission to investors by the issuer. As part of the process of issuing the Bond, IDB Invest advised Produbanco on the design of the methodological framework for the use of funds, which contains the criteria for selecting, monitoring and evaluating projects, aligned with the principles of Sustainable Bonds of the International Capital Markets Association (ICMA). IDB Invest, a multilateral development bank committed to promoting the economic development of its member countries through the private sector, will also provide advisory services to Produbanco to define a roadmap that will enable it to achieve its net-zero emissions commitment by 2050. With a portfolio of $13.1 billion in assets under management and 385 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of sectors. CHIEF sm/fgg/lll
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