3 August 2010: The Inter-American Development Bank (IDB) approved a US$30 million loan to Banco de Galicia y Buenos Aires to create an innovative sustainable facility to scale up private sector financing for projects in the areas of renewable energy, energy efficiency and agriculture, among others.

Part of IDB’s beyondBanking programme, the loan seeks to help financial institutions reduce their direct and indirect environmental footprints. The project is based on the recognition that one of the main challenges for an effective response to climate change in the region is the lack of financing for private sector investments. The IDB therefore aims to play a key role in reducing carbon emissions by providing green loan portfolios and scaling up sustainable investment. [IDB Press Release]