Project detail - Banco Bolivariano C.A.

Who is our customer?

Banco Bolivariano (‘Bolivariano’) is a long-standing FMO client and the fifth-largest private bank in Ecuador, with total assets of approximately USD 6.2 billion and a stable market share of around 8%. Established over 45 years ago, Bolivariano is a Universal Bank that operates with nationwide coverage and a strong regional presence along the coastal area, supported by a solid network of branches, and employing more than 1,500 people. It plays a systemic role in financing productive sectors, particularly small- and medium-sized enterprises (SMEs) and export-oriented industries such as aquaculture, positioning itself as a leading financier in the shrimp sector. Bolivariano demonstrates solid financial performance, with profitability indicators above the sector average and strong asset quality (NPL: 0.5% vs. sector 3.2%), supported by prudent risk management and an AAA local credit rating. Aligned with its sustainability agenda, Bolivariano has become a regional pioneer in thematic finance. In 2023, it issued a USD 80 million Blue Bond to fund ocean and water-related projects and is preparing for additional biodiversity-focused instruments. The bank also promotes green lending through products targeting energy efficiency, water savings, waste reduction, and sustainable construction. These initiatives reinforce its commitment to sustainable development and position Bolivariano as a key player in Ecuador’s transition toward a low-carbon economy.

What is our funding objective?

The primary funding objective of this initiative is to support Banco Bolivariano in developing robust carbon accounting capabilities through a comprehensive technical assistance program delivered by the Joint Impact Model (JIM) Foundation. The funding will enable Banco Bolivariano to assess, measure, and disclose the greenhouse gas (GHG) emissions associated with its portfolio, aligning with international standards such as PCAF and IFRS S2. By financing this carbon accounting assessment—costed at EUR 22,000 (excluding VAT)—the project aims to build internal capacity for ongoing emissions reporting, facilitate the transition toward low-carbon, climate-resilient finance, and empower the bank to independently replicate these exercises in the future. The not-for-profit structure of the JIM Foundation ensures that the fee covers staff time and the continued development of the model, while also providing one year of pro-bono access to the JIM Impact Module, thus removing financial barriers and fostering sustainable finance practices in developing markets.

Why do we fund this investment?

Funding the Banco Bolivariano – JIM Foundation carbon accounting project directly aligns with the FMO A mandate to foster sustainable, inclusive finance and strengthen the capacity of partner financial institutions. The FMO A Technical Assistance (TA) Facility is designed to support investees in building skills, systems, and practices that contribute to positive environmental and social outcomes, with a particular focus on climate action, financial inclusion, and institutional strengthening. This project enables Banco Bolivariano to measure, manage, and disclose its financed greenhouse gas emissions in line with international standards, a critical step for transitioning to a low-carbon portfolio and meeting global climate commitments. By supporting this initiative, TA is not only helping the bank comply with emerging regulatory and market expectations, but also building local capacity for ongoing climate risk management, ensuring the impact is sustainable and replicable beyond the project’s duration.

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