Group Argos, a Colombian cement company, and Bancolombia bank presented a new credit instrument that will depend on indicators of gender equity and climate change in Colombia. Specifically, the financing agreement modifies the existing debt conditions for a value close to 105 million dollars. Therefore, the interest rate may decrease by up to 100 basis points if two sustainability indicators of the Group are met: increasing the participation of women in senior management and reducing greenhouse gas emissions.
This instrument, due in 5 years, is important for the promotion of new infrastructure projects, one of Argos’ main business lines. Annually Grupo Argos must report its progress based on the achievement of the goals to benefit from a reduction of up to 100 basis points in the interest rate.
The signature of this agreement contributes to the fulfillment of national and global goals regarding climate change and to incentivize other companies to promote gender equality within their organizations.