BancoEstado signed an agrement with germany’s KFW Bank for the encouragement of the purchase of houses with Energy Efficincy Certification
Both institutions have been working together for more than 15 years, and this is the first loan for financing the subsidized purchase of new houses with the corresponding certification.
BancoEstado signed a 133 million Euro loan agreement with Germany’s KFW Bank (Kreditanstalt Für Wiederaufbau), as a result of joint work carried out since 2001, aimed at encouraging financial inclusion in the country.
This relationship has translated into three credits for USD 440 MM, to which we should add this fourth credit for €133 MM for encouraging the purchase of new housing units with energy efficiency certification.
The Executive Committee of BancoEstado was present at the ceremony, headed by its Chairman Jorge Rodríguez Grossi; as were KFW representatives; the German Ambassador to Chile, Rolf Schultze; the Minister of Finance, Rodrigo Valdés; the Minister of Energy, Máximo Pacheco; the Minister of Housing, Paulina Saball; the Minister of the Environment, Pablo Badenier, together BancoEstado executives.
This agreement will contribute to finance the purchase of new subsidized houses with energy efficiency certification at a preferential rate. In this sense, in the next few weeks, BancoEstado will facilitate mortgage loans to its clients related to energy efficient housing.
This initiative is the outcome of the interest of BancoEstado in exploring a new line of business in the market which it leads, in response to current dynamics. Similarly, it will also give concrete support to the deployment of public policies within the context of the close work it carries out with the State.
KWF and BancoEstado have a tradition of joint work in benefit of the encouragement of financial inclusion and the extension of opportunities in the country. This agreement is the first that considers the concept of Energy Efficiency, an issue that becomes increasingly important for sustained development. Furthermore, this initiative should be added to other financial innovations, like the placement of the “Bono Mujer” (Woman’s Bond) in Japan, which reassert the socially responsible character of our institution”, said Jorge Rodríguez Grossi, Chairman of BancoEstado.
At the same time, the, Head of the KWF Energy and Financial Sector for Latin America and the Caribbean, Christoph Sigrist said “ this agreement responds to our interest in supporting the design and structure of important energy efficiency programmes in different countries. It is also the fourth credit granted to BancoEstado, an institution with which we have a long relationship of trust and mutual support in the encouragement of financial and social inclusion”.
KFW is the most important bank in Germany dealing in the financing of initiative related to energy efficiency in housing. In the past three years, it has taken part in the design and structuring of important related programmes in various countries that are Members of the German Financial Cooperation.