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Publish Date : 20-Dec-2017

IFC, a sister organization of the World Bank and member of the World Bank Group, disbursed $105 million to Ita CorpBanca Colombia to boost the development of small and medium enterprises in the country and also to increase financing for projects that help mitigate the climate change.

The IFC's loan includes resources from the eco.business Fund, an impact fund that promotes the conservation of biodiversity and the sustainable use of natural resources. IFC will also provide advisory services to assist Ita to identify climate and renewable energy projects so that the bank can expand its green financing in Colombia.

Ita will also use the loan to increase its loan portfolio to small and medium-sized enterprises (SMEs), a key sector of the economy whose growth and capacity to create jobs is limited by the lack of access to financing. A recent survey showed that 62 percent of SMEs in Colombia consider lack of financing the main obstacle they face to grow and create more jobs.

"Our vision is to be the leading bank in sustainability and customer satisfaction, so this credit is perfectly aligned with our strategy of decisively contributing to the development of the country by promoting sectors as important as clean energy and small and medium enterprises, both with a very high growth potential", explained lvaro Pimentel, President of Ita CorpBanca Colombia S.A.

The investment is part of IFC's efforts to boost the development of SMEs and also financing for climate projects in Colombia. There are enormous opportunities of growth in this sector in Colombia as the potential for climate financing in renewable energy, for example, stands at $27.5 billion. In this regard, IFC is working with the Colombian banking sector to ensure that it plays a catalytic role in promoting climate finance.

"At IFC, we are committed to the sustainable development of Colombia and we will continue working to promote the creation of jobs and to improve financial services to create a more inclusive environment for all sectors of the economy," said Carlos Pinto, IFC manager for the Andean region. "This investment fills important gaps, especially for small businesses that need financing to grow their businesses and to finance profitable projects that are critical to mitigate the impact of climate changes," he said.

IFC has invested and mobilized close to $9 billion dollars since 1956 in Colombia. IFC's current strategy for Colombia focuses mainly on providing support to key players in the private sector that can support the development of the country's capital markets and increase access to financing for Colombian companies.

Finally, Jens Mackensen, chairman of the board of directors of eco.business Fund, said: "We are proud to participate in this transaction that seeks to mitigate the effects of climate change in Colombia. The mitigation of climate change through the adoption of sustainable practices in the agro-industrial sector is one of the main objectives of eco.business Fund."

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