December 30 (Renewables Now) - The International Finance Corporation (IFC) has invested USD 50 million (EUR 44.7m) in a green bond issuance by Ecuador’s Banco Pichincha.
With the proceeds from the USD-150-million bond, the Ecuadorian private lender will be able to finance renewable energy projects, sustainable buildings and green mortgages, clean mobility and energy efficiency projects, among other initiatives that contribute to climate change mitigation.
IFC said in a statement that the green bond, the first such issuance in Ecuador, complies with the International Green Bond Principles. The global development institution has also served as an advisor to Banco Pichincha to help the bank expand its operations to environmentally and climate-friendly businesses.
(USD 1.0 = EUR 0.89)