Banco de Inversión y Comercio Exterior SA issued $30 million in sustainability bonds, following an agreement earlier this month with IDB Invest, the private-sector arm of the Inter-American Development Bank.

The issuance of green bonds is the first of its kind in Argentina, and the funds raised will be used to finance high-impact social and environmental projects, according to a company statement.

The bonds will have a term of five years and yield at a rate equivalent to the London interbank offered rate plus a spread, according to a report from Cronista. The $30 million batch is the first of a series of emissions through which BICE plans to raise more than $300 million.