UK PACT Fund and a project for sustainable development and poverty reduction in the North

The project, introduced by the Sustainability District of SMS Buenos Aires, a member company of SMS Latin America, was launched recently.

It was organized by the British Embassy, ​​in the presence of that country’s ambassador and director of the National Commission for Value (CNV), among others.

With the aim of generating greater financing opportunities for green and inclusive activities, while at the same time supporting local development and improving the quality of life of a vulnerable segment of the population, SMS Buenos Aires, a member company of SMS Latin America, through its Sustainability Zone, has been submitted to the Green Recovery Challenge Fund In the United Kingdom, from the United Kingdom, the “Sustainable Financing of Northern Argentina” project, which has been chosen to implement and will be put into effect from March.

The project was launched from the British Embassy in Argentina and through the Teams platform with the participation of British Ambassador Mark Kent. CNV Director Matthias Issasa; Representatives of SMS and Coninagro, an entity of agricultural cooperatives participating in the project.

UK PACT is a capacity building program under the UK’s International Climate Finance Portfolio, which aims to slow the progression of climate change while reducing poverty. To do so, it provides support to various countries to achieve their goals of reducing carbon emissions, always under the premise of curbing climate change.

In line with these goals, the SMS project consists of providing planning, technical assistance and training to medium and small financial entities in NOA and NEA, to generate greater financing opportunities for green and inclusive activities by developing sustainable credit lines and thus have access to funding sources that have been adapted to expand these lines ( Green bonds).

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The project focuses on the north due to its great biodiversity and the presence of many sensitive ecosystems (Yungas, Selva Paranaense and Gran Chaco), while presenting strong needs for economic and social development. It aims, among other things, to be able to finance projects in the sectors of livestock, forestry, beekeeping, handicrafts, telecommunications, tourism and renewable energy, among others.

It lasts one year and consists of five stages. The first, diagnostic, from March to May, during which the level of integration of sustainable financing concepts into the operations of the participating entities will be assessed. As for the second, which lasted from May to July, it focused on studying economic activities and production models that have a positive environmental and social impact in the work areas of the participating entities.

From July to September, the third phase will be implemented, the aim of which is the initial design of sustainable lines of credit. From September to November, a financial plan and projection to implement credit lines will be prepared for each entity.

Finally, too, during the last four months of the year, a feasibility study will be conducted and a roadmap will be proposed for each bank to issue a green / sustainable bond.

During the development of the project, in turn, are different Webinars s WorkshopsIt aims to train participants in sustainability and financial issues.

“The fact of being able to promote, in the same project, the development of more inclusive and green financing, while supporting long-term productive projects that favor vulnerable sectors in our country, fills us with pride and at the same time puts us in a place of great responsibility.” Julian Costabelle, Director of Sustainability at SMS, said: Green bonds will have an increasingly important role in financing productive activities, and we aim to do so thanks to UK PACT support.

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