With the aim of promoting sustainable investments and driving our market towards a more sustainable one, the Panama Stock Exchange (BVP) held the webinar "Banco Promerica de Costa Rica: first sustainable bond issuer," Banco Promerica de Costa Rica, along with IDB Invest and MMG Bank, shared the impact of this responsible investment for our region. Olga Cantillo, CEO of the Panama Stock Exchange thanked Banco Promerica de Costa Rica for the trust in the Panamanian capital market with the listing of the first sustainable bond in Central America, motivating the BVP to continue with its commitment in the development of sustainable finance for Panamanian capital markets and its financial center.
Michelle Espinach, Sustainable Banking Manager at Banco Promerica, highlighted that it is a great honor for them to be the first Central American bank to issue sustainable bonds. She also shared that doing so through the Panama Stock Exchange allowed them to open the window and have access to a diversified base of investors, as well as reaching other markets, providing them with a competitive advantage. They are pioneers in this area and were the first Costa Rican bank to sign the United Nations Principles for Responsible Banking, which is an immense commitment to continue growing in their history of sustainability and to continue contributing from what they do, to reach the Sustainable Development Goals.
IDB Invest advised Banco Promerica de Costa Rica in the design of the methodological framework for the use of funds, which contains the criteria for selection, monitoring and evaluation of projects, aligned with the principles of green and social bonds of the International Association of Capital Markets (ICMA). Additionally, IDB Invest supported Banco Promerica de Costa Rica in obtaining an independent verification of the methodological framework, known as a second-party opinion, issued by Vigeo Eiris, an external consultancy specialized in this type of project. This operation can potentially contribute to nine of the United Nations’ Sustainable Development Goals (SDGs): Gender equality (SDG 5), Affordable and clean energy (SDG 7), Decent work and economic growth (SDG 8), Industry, innovation and infrastructure (SDG 9), Reduction of inequalities (SDG 10), Sustainable cities and communities (SDG 11), Responsible consumption and production (SDG 12), Climate action (SDG 13) and Life of terrestrial ecosystems (SDG 15).
SSE and Green Finance
The BVP is an SSE Official Supporter and has been an SSE Partner Exchange since 2018. The SSE campaign on the growth of green finance depends on both promoting green finance products as well as greening mainstream financial markets. In alignment with the SSE’s Green Finance Action Plan, the SSE tracks a number of sustainability activities that can help stock exchanges to grow green finance in their market. This includes sustainability bond segments or ESG indices and mainstreaming green through the inclusion of ESG disclosure in listing rules. To know more check the SSE Stock Exchange Database.
