• The project seeks to promote sustainable mobility and mitigate climate change, with plans to increase the fleet of low-carbon vehicles.

IDB Invest has approved $20 million in financing for Equirent to support the growth of the electric and hybrid vehicle fleet, promoting sustainable transportation solutions and reducing carbon emissions in Colombia.

The financing includes a loan of up to $10 million financed by IDB Invest and the remaining $10 million from institutional investors. The project aligns with the country's goal of promoting sustainable mobility and mitigating climate change. Equirent plans to increase the fleet of low-emission vehicles from approximately 470 in 2023 to more than 2,800 units by 2029.

Equirent is a leader in the vehicle leasing industry in Colombia and aims to transform the local market by offering a greater number of electric and hybrid vehicles, both for companies and individuals, as part of its strategy to reduce its environmental impact and strengthen its presence in the sustainable transport sector.

The financing agreement is part of IDB Invest’s “Originate-to-Share” strategy to mobilize private capital from institutional investors towards sustainable projects. This loan will help Equirent diversify its sources of financing, attract new investors and contribute to the growth of the green economy in Colombia.

In addition, IDB Invest will provide technical assistance to enable Equirent to expand its focus on women-led or women-owned small and medium-sized enterprises (SMEs) in the leasing of electric vehicles. It will also optimize the life cycle management of electric vehicle batteries, promoting a fair transition towards a circular and greener economy.

It is expected to contribute to the following United Nations Sustainable Development Goals (SDGs); Decent Work and Economic Growth (SDG 8), Industry, Innovation and Infrastructure (SDG 9), Sustainable Cities and Communities (SDG 11), Climate Action (SDG 13), and Partnership for the Goals (SDG 17).

About IDB Invest

IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of US$21 billion in managed assets and 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that respond to the needs of its clients in various sectors. Visit our website idbinvest.org.

About Equirent

Equirent is a company with more than 30 years in the market, specialized in the operational leasing of vehicles and machinery belonging to the Seissa Group, an organization with more than 90 years of experience in the automotive industry in Colombia. Equirent has 25 service points nationwide in more than 19 cities. As of November 2024, it had a fleet of 7,800 units and 400 employees serving more than 950 customers nationwide. The service portfolio includes the business lines of long-term leasing, short-term leasing, fleet management, car sharing and car sales.