Banco Bolivariano C.A., a private bank headquartered in Guayaquil, has announced its project to issue a blue bond, the first of its kind in Ecuador. The bond proceeds will be used to promote and expand the financing of sustainable ocean and water-related projects and business opportunities that aim to solve challenges related to the blue economy, create sustainable business opportunities in the oceans, and signal responsible ocean stewardship.

The total amount of the Bond will be up to $50 million, with a term of five years. IDB Invest will provide up to $40 million, while another potential investor will participate with up to $10 million. In addition, IDB Invest will provide advisory services to support the bank in the process of structuring the Blue Bond.