CaixaBank allocates 4,961 million to finance projects with social impact | Companies

CaixaBank has just published its first report on the social impact after the issuance of three social bonds. The entity has allocated 4,961 million euros to the financing of social projects that have served to promote the four priority Sustainable Development Goals (SDGs) for the bank, as explained by the entity itself.

The firm chaired by José Ignacio Goirigolzarri was the first Spanish bank to issue a social bond in support of the UN SDGs in September 2019. Since then, CaixaBank has issued two additional social bonds, and has a nominal value placed on the market of 3,000 million euros, including a special one to alleviate the situation caused by Covid in July last year.

Said report, prepared in collaboration with Deloitte and audited by PricewaterhouseCoopers (PwC), has analyzed the main resource allocations of the entity’s social portfolio. CaixaBank has financed projects that promote four of the United Nations Sustainable Development Goals.

The first has been destined for the end of poverty; the second has been for health and wellness goals; quality education; and decent work and economic growth have completed the allocation of the social portfolio of the bank of Catalan origin. With regard to the first objective, CaixaBank has allocated, through MicroBank, 972 million euros, the purpose of which has been to increase access to financial services for groups in vulnerable situations. In total, 239,928 microcredits have been granted to families.

In addition, the financing of rural areas has been favored with 144 million euros with a total of 38,948 loans.

Health & Wellness
In terms of health and well-being, the assets identified in the social portfolio amount to 133 million euros. These have been destined to improve the infrastructures, the sanitary facilities, and the equipment for the provision of public and subsidized sanitary services. It is estimated that more than 1.8 million people will be positively impacted through the six loans granted to health centers.

Another objective, focused on quality education, the objective of the loans identified by CaixaBank has been aimed at supporting activities that have improved access to primary and secondary education. This amount has complemented the financing already established with public funds. At the same time, the entity has opted for the construction of educational infrastructures with public funding. The 25.4 million euros granted in five loans to educational centers have benefited almost 3,000 students, according to the financial institution.

The last objective, whose purpose is to generate decent work and economic growth, the identified loans contribute to the generation and preservation of employment, as well as to promoting the growth of micro-enterprises and SMEs in the most disadvantaged regions of Spain. The most supported sectors have been distribution, commerce and tourism.

Of the 3,831 million euros allocated, 2,080 million correspond to loans granted to micro-enterprises and SMEs to face the impacts of the pandemic. With the 58,635 loans, it has been possible to create or maintain, according to data provided by CaixaBank, more than 54,400 jobs and create almost 4,000 new companies. In addition, rural areas, particularly affected by depopulation and the pandemic, have received 385 million euros.