CAF and JICA loan leads Sicredi to receive international award

CAF 's commitment to become the green and blue bank and contribute to sustainable and inclusive growth in Latin America and the Caribbean is achieving important advances for Brazilians. Sicredi, a cooperative financial institution present throughout the country with more than 8.5 million members, announced that it was awarded by the Environmental Finance Impact Awards 2024, in the category "Impact Initiative of the Year: Latin America and Caribbean", thanks to a fundraising of US$297 million from CAF and JICA (Japan International Cooperation Agency). The purpose of these funds is to support micro, small and medium-size enterprises led by women, as well as to provide credit to regions with low Human Development Index (HDI) and finance agricultural activities.

The loan marked CAF's first operation with a Brazilian cooperative financial institution, as well as the first collaboration between CAF and JICA, strengthening the multilateral institution's connections with Japan and Asia. This fundraising was the largest in Sicredi's history at the international level, as well as the largest in terms of institutional partners, as it also included BNP Paribas, Banco Finantia, Eco.business Fund and Sumitomo Mitsui Banking Corporation (SMBC).

"We are very happy with this award, as it represents recognition of our efforts in socially responsible initiatives to promote positive transformations in communities. For this reason, we are increasingly seeking international partnerships to strengthen this agenda in the country and collaborate with local sustainable development," said Alexandre Barbosa, executive director of Sustainability, Administration and Finance.

Awarded by the British magazine Environmental Finance, the Environmental Finance Impact Awards aims to recognize and reward the work of impact investors around the world, highlighting best practices across asset classes and geographies. In 2023, Sicredi had already been awarded for financing environmentally responsible domestic projects, including renewable energy, energy efficiency, sustainable agriculture and micro and small enterprises.

The cooperative financial institution is part of the United Nations (UN) Global Compact and the operation with international financial institutions, for which it was awarded, reinforces its commitment to the 17 Sustainable Development Goals (SDGs).

(With information from Sicredi)