BBVA Mexico has formalised a sustainable credit for MXN2.2bn (US$88.7m) over a five-year term to Cooperativa La Cruz Azul. According to the bank, it is the first sustainable credit in the Mexican cement industry and also the first of this year.
The producer is expected to use the funds to modernise its production plants in Hidalgo and Oaxaca to reduce energy and water consumption, thereby making its production more efficient and reinforcing its commitment to the environment.
The credit margin will be linked to the annual energy use measured in KWh per tonne of clinker produced.
"In a complex context, the financial institution continues to bet on Mexico in the long run, supporting the growth of leading companies in their industries," said Alvaro Vaqueiro, general manager of Corporate and Investment Banking at BBVA Mexico.
