The Government completed the issuance of a new Climate Change Index-linked Bond (BIICC) in the global market, denominated in dollars and with final maturity in 2034. At the same time, an offer was made to repurchase shorter-term global bonds in dollars.

The design of the BIICC and its respective framework was the result of the joint effort of five ministries: Economy and Finance; Environment; Livestock, Agriculture, and Fisheries; Industry, Energy and Mining; and Foreign Affairs. The process benefited from the technical and financial assistance from the Inter-American Development Bank (IDB) and the United Nations Development Program (UNDP).

The operation provided access to incremental demand for investment funds committed to sustainable economic development. It also contributes to increasing the visibility of Uruguay’s climate action strategy, to other international climate finance instruments for the transition to a lower carbon economy.