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Posted on July 27, 2023 | Updated at 11AM

FinDev Canada invests in Ecuador’s second Blue Bond to support the preservation of the oceans

Banco Bolivariano

Montreal, July 27, 2023 – FinDev Canada is joining IDB Invest in an US$80 million commitment to Banco Bolivariano, Ecuador’s fifth-largest bank, to support the launch of the region’s second private sector blue bond, which will finance sustainable business practices contributing to the preservation of the oceans. FinDev Canada will provide US$ 40 million and IDB Invest US$40 million.

Blue Bonds are innovative structures that crowd in financing to projects linked exclusively to the conservation of the ocean. Projects eligible under this Bond include sustainable seafood production; water and wastewater management; and solid waste management and circular economy.

Oceans play an integral role in climate change mitigation, absorbing about 30 per cent of carbon dioxide emissions. Additionally, Ecuador’s economy relies heavily on the fishing industry for exports and job creation: in 2020 the fishing industry in Ecuador employed over 600,000 people.  

“Climate action is a key priority for FinDev Canada, and this Bond is a great opportunity to increase investments in sustainable business practices, which must scale up globally to tackle the climate crisis,” said Lori Kerr, Chief Executive Officer of FinDev Canada. “The oceans play an important role in the slowdown of climate change by absorbing heat and CO2 from our environment, which means the promotion of sustainable business opportunities related to ocean resources is crucial, not just for economic growth, but also for climate action.”

“At Banco Bolivariano we are proud to issue the world’s first blue bond with incentives linked to the achievement of objectives. We join the efforts to support the environmental goals that Ecuador has set, promoting the financing of projects related to water that incorporate practices with high environmental and social standards, with the aim of solving the challenges related to the blue economy. We thank IDB Invest and FinDev Canada for their support and accompaniment in this process," said Vicente Vallarino, Executive President of Banco Bolivariano.

Banco Bolivariano becomes one of the first banks in Latin America to adhere to the principles of the Taskforce on Nature-related Financial Disclosure (TNFD), a disclosure framework for organizations and financial institutions to report and act on evolving nature-related risks.

This transaction qualifies for the 2X Challenge, financing for women, based on the leadership and employment criteria.

This is the second private sector Blue Bond issued in Ecuador and in Latin America. This investment will contribute to the Sustainable Development Goals, particularly clean water and sanitation (SDG 6), industry, innovation and infrastructure (SDG 8), climate action (SDG 13), and life below water (SDG 14).



About FinDev Canada

FinDev Canada is Canada’s bilateral development finance institution. It supports development through the private sector in emerging markets and developing economies with financing, investment, blended finance solutions and technical assistance. It aims to promote sustainable and inclusive growth, focusing on climate action, women’s economic empowerment, and market development in alignment with the Sustainable Development Goals and Paris Agreement commitments. FinDev Canada is a Canadian Crown corporation and a subsidiary of Export Development Canada (EDC).


About Banco Bolivariano

In 1980, Banco Bolivariano was born with solid foundations, currently maintaining the best levels of asset quality, profitability and liquidity within the Ecuadorian financial system. Innovation is part of its evolution, offering products and services to its users to simplify processes and make them more practical, comfortable and agile. Efficiency and trust are key characteristics, derived from the proper management of the institution during its 40 years of life and the commitment of its team to project relationships with internal and external audiences. For more information, visit


About the Taskforce for Nature-Related Financial Disclosures (TNFD)

The Taskforce on Nature-related Financial Disclosures (TNFD) was established to develop and deliver an integrated risk management and disclosure framework for organisations to report and act on evolving nature-related risks, with the ultimate aim to support a shift in global financial flows away from nature-negative outcomes and toward nature-positive outcomes.


About the 2X Challenge

 The 2X Challenge was founded by the development finance institutions from the G7 as a call to action to shift more capital towards investments that empower women in developing countries to access entrepreneurship and leadership opportunities, quality jobs, and products and services that enhance their economic participation. More information about the 2X Challenge can be found here: 


Media contact:

FinDev Canada
Angela Rodriguez
Head of Marketing and Communications


Media contact:

Banco Bolivariano
Kyra Arcia
Head of Innovation and Marketing