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Banco Galicia 1st Argentine bank to issue green bond

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Banco Galicia 1st Argentine bank to issue green bond

Banco de Galicia y Buenos Aires SA is set to become the first Argentine bank to issue a green bond with the sale of $100 million earmarked for sustainable projects.

According to a regulatory filing from the lender, the debt will be issued privately through World Bank investment arm International Finance Corp.

Fabían Kon, CEO of Banco Galicia, told El Cronista that the bonds would be aimed to help medium-sized business that lack access to international markets, granting "medium-term loans in dollars, so that they can make their businesses more efficient with cleaner energy." The executive reportedly estimates the bonds to have between 6% and 8% annual interest rate and a term of seven years.