The health and economic crisis experienced in the last two years has shown the need to seek greater financing alternatives that promote economic growth in the most vulnerable sectors of the country. In this sense, BBVA in Peru formalized a social credit line for US$ 31.5 million to Cofide, which will be used to provide financing to micro and small businesses (mypes).
According to Cofide, in this way it seeks to promote the inclusion of people in a situation of vulnerability to the financial system.
He even stressed that it is the first sustainable line that he obtains from a local bank. This operation is aligned with the entity’s sustainable strategy and, in addition, is verified and certified by an independent and world-renowned sustainability agency: Vigeo Eiris.
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“The entity seeks to become a benchmark financial institution in the promotion of projects and initiatives based onsthat have a positive impact on the country. This first line from a local bank is added to the green lines obtained from multilateral banks, and to the local thematic issues that we have carried out, which reinforces our sustainable strategy and our focus on the development of the Peruvian entrepreneurial sector.”, said Luis Eléspuru, general manager of Cofide.
He added that this strategic alliance between both financial institutions is part of the Sustainable Transactional Product Framework led globally by BBVA’s Global Transaction Banking team and is based on the United Nations Sustainable Development Goals (SDGs), promoting in this case the SDG 8, Decent work and economic growth; and SDG 10, Resolution of inequalities.
Eléspuru highlighted that this operation reinforces the commitment of both entities to promote sustainable finance in the country, agreeing on indicators that will serve for the annual monitoring of the social impact of this initiative.
