This project aligns with the IDB’s beyondBanking program to promote sustainable banking and with the planetBanking pillar which encourages banks to lower their indirect carbon footprint through investments in environmentally-friendly projects. On-lending through BESI will include production of fossil fuel alternatives and GHG reduction opportunities – transactions that otherwise struggle to secure long-term financing.

“We’re very enthusiastic about this collaboration with the IDB. The union of the IDB’s local market expertise and reputation in Latin America with our origination and execution capabilities provides the perfect vehicle for BESI’s strategy to promote sustainable and “green” projects in the Americas,” said Moses Dodo, Member of the Board of Espirito Santo Investment Bank and General Manager, BESI NY.

“By expanding the region’s access to international financial markets, this transaction promises to mobilize long-term financing and advance financial market know-how. This project is part of our strategy to target infrastructure and “green” sectors, which are pivotal to promoting competitiveness and economic development,” added Daniela Carrera-Marquis, Chief of the Financial Markets Division.

The loan approved by the IDB’s board on June 22 has a seven-year tenor with the option to be extended for another three years. The transaction will mobilize approximately $80M from B-lenders, depending on market conditions. The project will be managed by BESI’s New York branch.