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July 27, 2023
Banco Bolivariano

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

Press Releases

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.

Expected Development Impact


  • Increasing access to financing for local businesses: The Blue Bond will provide financing to both existing and new clients: for example, seafood producers seeking a sustainability certification due to the increasing demand for sustainable seafood production in the global market, or the companies aiming to optimize production of seafood in a sustainable way, contributing to greater food security.
  • Supporting sectors that contribute to local job creation: The sectors supported by the Blue Bond are important contributors to local employment. Furthermore, the certifications for seafood companies (Marine Stewardship Council (MSC), Aquaculture Stewardship Council (ASC) and Best Aquaculture Practices (BAP)) are granted upon evaluations of working conditions such as fair wages, working hours, child labour risk mitigation, and social responsibility towards employees and local communities. All companies in the Blue Bond will need to offer formal employment that meet national law requirements.
  • Offering quality employment: At Banco Bolivariano, all 1,518 employees receive access to private medical and life insurance, onsite medical consultations, and parental leave. The Bank also provides digital learning, coaching, mentoring, as well as financial assistance to employees seeking enhanced qualifications or education through a bursary program.

Offering quality employment

At Banco Bolivariano, all 1,518 employees receive access to private medical and life insurance, onsite medical consultations, and parental leave.


  • Promoting women’s representation in leadership and employment: At Banco Bolivariano, women represent 20% of the Board of Directors, 45% of senior management, 60% of middle management, and 56% of employees. The Bank has partnerships with local daycare institutions and provides discounted rates to employees to ensure affordable daycare. To promote equality and transparency in remuneration, Banco Bolivariano discloses a gender‑pay gap analysis annually and commits to implementing corrective measures, when required.
  • 2X Challenge qualification: A portion of the Banco Bolivariano transaction is eligible for 2X Challenge based on the Bank meeting the direct “Leadership” (45% of women senior managers vs. the 30% 2X threshold) and “Employment” criteria (56% of women employees vs. the 40% 2X threshold for financial services), supported by the quality employment initiatives described above.


  • Promoting sustainable practices: The Blue Bond will allocate funds to projects promoting sustainable fishing practices or enabling the protection of the environment and water resources. Specifically, the Blue Bond will support sustainable seafood producers, water and wastewater management, as well as solid waste management. Depending on their sector of operation, companies will be required to report on a variety of climate and nature related KPIs, such as annual greenhouse gas reduction, share of sustainable production within total production, reduction in marine and freshwater pollution, water savings, and amount of plastic recycled or reused.
  • Alignment with climate and nature‑related disclosure frameworks: In 2023, Banco Bolivariano will start reporting its Scope 1 and 2 emissions in its Sustainability Report and will add Scope 3 reporting in the following years. Banco Bolivariano also intends to integrate nature‑related considerations in its operations and disclose in accordance with the TNFD