Bancoagrícola de El Salvador has established itself as a leader in sustainability within the financial sector, following a clear and structured process that begins with the intention and culminates in the capitalization of its efforts.
Rafael Barraza, Executive President of the entity, participated in the Forum: Are sustainable companies giving the world what it needs, as part of Sustainability and CSR Week, organized by FUNDEMAS, where he explained that sustainability is Bancoagrícola’s strategy.
Barraza said that the transition to sustainable practices involves several phases. First, the intention to adopt a responsible approach to the environment and society. Then, the measurement and management of impacts, which allows the entity to carry out a continuous self-evaluation. This process not only seeks to mitigate negative effects, but also to disclose information that allows for greater transparency with stakeholders.
Bancoagrícola’s CEO said that this transition is aligned with international sustainability disclosure standards. “More and more regulations require companies not only to measure their carbon footprint, but also to communicate how they are managing environmental, social and governance (ESG) risks”, he explained. This has become crucial in attracting investors and lenders interested in financing responsible projects.
Bancoagrícola has been able to access significant financing, exceeding US$400 million from institutions such as the IFC and IDB Invest, dedicated to initiatives ranging from green housing to financial inclusion and climate change adaptation. These resources reflect a clear commitment to sustainable development in El Salvador and the region.
Barraza also said the bank’s achievements in terms of reducing CO2 emissions, being recognized by the World Bank as the Latin American institution with the greatest progress in this area, reducing 230 thousand tons through financed projects. This recognition not only improves the bank’s image, but also reflects its commitment to environmental well-being.
Bancoagrícola has focused on 3 fundamental axes: Promoting financial inclusion, strengthening the competitiveness of the productive fabric, and building sustainable cities and communities.
Within these axes, Bancoagrícola has committed to disburse US$18 billion between 2020 and 2030, through financial services and technical advice aimed at strengthening agriculture, agribusiness, SMEs, access to housing, decarbonization of the economy, financial inclusion, and women’s entrepreneurship, in line with the Sustainable Development Goals (SDGs).
So far, it has reached 32% of this goal, which represents significant progress in its purpose of promoting financial inclusion and strengthening the competitiveness of the productive fabric.
Likewise, the executive concluded that the difference between intention and conviction is fundamental. “Conviction is assigning resources to words and creating a binding commitment”, he said. This approach not only positions Bancoagrícola as a benchmark in sustainability, but also sets a model for other institutions in the region to follow.
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