Bogotá – Citi signed off on its first bilateral Sustainable Linked Loan to a Latin American financial institution, with a focus on environmental and social projects. This type of credit is designed to help the recipient meet sustainability goals, with progress evaluated via specific indicators during the loan period. The client in this case, Bancolombia, will use the funds to expand its sustainable loan portfolio and implement efforts to put more women in leadership positions inside the institution.
"During its more than 100 years of uninterrupted operations in Colombia, Citi has pursued a mission to promote growth and economic progress. We have helped our stakeholders navigate the most challenging conditions while upholding our commitment to activities with a positive social and environmental impact. In 2020, we announced a global investment goal of $1 billion in sustainable financing by 2030. This historic loan underscores our commitment to support our clients on the road to sustainability with operations that create value for society," explained Pablo Del Valle, Citi Country Officer for Colombia.
"Bancolombia aims to promote sustainable development for all, and the way to do this is by supporting individual and company initiatives in every sector that incorporates environmental, social and corporate governance (ESG) criteria. The international banking community recognizes our work and the tangible actions and concrete goals it has achieved, as evidenced by this most recent financing from Citi to continue pursuing our strategy," Juan Carlos Mora, Bancolombia's President, commented.
The loan is in line with the $1 billion Social Finance Bond for Emerging Markets Citi issued in late 2021 to finance operations designed to increase access to credit, infrastructure and basic services in developing countries. Citi Social Finance's goal is to support 15 million people, 10 million of them women, by 2025.
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
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