News Releases

Oct 22, 2009

IDB approves $40 million for BBVA Bancomer “Greening” project

Mexican private commercial bank to seek LEED certification for its new headquarters, expand energy efficiency program for branches

A $40 million “green facility” loan from the Inter-American Development Bank will support BBVA Bancomer, Mexico’s leading commercial bank, in a project to boost the energy efficiency and environmental sustainability of its buildings.

Buildings account about 40 percent of the world’s energy use. Financial institutions such as BBVA Bancomer, which has a vast network of offices, have a broad environmental footprint through their own operations and their lending, which finances activities across the entire economic spectrum.

Besides helping BBVA Bancomer reduce its direct environmental footprint by cutting energy and water use and greenhouse gas emissions, the IDB expects this project to have a demonstration effect for other financial institutions in the region.

“This project will have a substantial positive impact on the development of sustainable financial institutions. We expect this deal, the first of its kind, will raise awareness within the financial community in Mexico and the region of the environmental, social and economic benefits of sustainable banking practices,” said Financial Markets Division Chief Daniela Carrera-Marquis of the IDB’s Structured and Corporate Finance Department.  

Under the IDB-backed project, BBVA Bancomer will seek a Leadership in Energy and Environmental Design (LEED) certification for its new headquarters in Mexico City. The $900-million corporate campus would be among the first buildings to acquire such international recognition in Latin America.

“Bancomer maintains a clear commitment to sustainable development in Mexico: this is the main reason behind this green facility. This agreement with the IDB supports our commitment to reduce the environmental impact of our new corporate buildings,” said BBVA Bancomer Chief Financial Officer Eduardo Ávila.

The IDB’s strategy promotes the development of sound financial systems with the purpose of mainstreaming financial, social and environmental sustainability. This project will support the gradual transformation of BBVA Bancomer’s branches and commercial buildings, aiming to reach internationally certified standards of energy savings and efficiency.

The non-sovereign guaranteed loan to BBVA Bancomer, which may be disbursed in either U.S. dollars or Mexican pesos, could be complemented with additional lending from other sources, subject to market conditions.

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