IDB Invest, a member of the Inter-American Development Bank (IDB) Group, supports the Salvadoran Banking Association (ABANSA) in launching and implementing a Sustainable Finance Protocol in El Salvador. This protocol is signed by 12 banks, in order to build and implement a sustainable finance strategy in the country's banking industry.
The signatory banks undertake to work on four strategic axes: comprehensive management of resources and value chain, development of specialized products and services in favor of sustainable development, consideration of the environmental and social impacts of the portfolio and development programs for communities under the influence of the signatory banks.
In addition, IDB Invest announced a technical support to ABANSA and the signatory banks to give life and implement the strategies agreed in the protocol. These initiatives will be aimed at supporting banks to strengthen their sustainability policies, as well as the analysis and development of products with a positive social and environmental impact.
The group of founding banks of the Protocol is composed of Banco Agrícola, Banco Atlántida, Banco Abank, Banco Azul, Banco de América Central, Citibank N.A. Sucursal El Salvador, Banco Cuscatlán, Banco Davivienda Salvadoreño, Banco G&T Continental, Banco Industrial, Banco Promérica, and Scotiabank El Salvador.
This group of banks represents all the private banks in El Salvador, and more than 90 percent of the country's bank loans. This way, they recognize that sustainable finance has become a relevant factor for the financial sector, and at the same time, they identify the need to incorporate sustainability policies, processes, practices and standards in the financing of activities, investments and inside institutions.
Together with the representative of the IDB Group in El Salvador, Camina Moreno, the representative of the European Union in El Salvador, Pierre-Yves Baulain, has also joined in the signing as Witness of Honor.
About IDB Invest
IDB Invest, a member of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects so they can achieve financial results and maximize the region’s economic, social, and environmental development. With a portfolio of $12.4 billion in assets under administration and 342 clients in 24 countries, IDB Invest provides innovative financial solutions and advisory services in response to its clients’ needs in a variety of sectors.
The Salvadoran Banking Association (ABANSA), is the trade union representative of the Salvadoran banking system and coordinates actions and initiatives that allow El Salvador banks to act effectively and efficiently for the benefit of the development of the country in general. The Association has a history of more than 50 years and brings together 12 private banks in the country.