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A Message from our CEO
Cesar Cañedo-Argüelles
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Talking about the year 2020 is to talk about challenges. Challenges that forced us, personally and professionally, to adjust our strategy as a Corporation and adapt to a new modality of work. But not only we adapted, we stayed strong because giving up is not an option for everyone who is part of the CIFI family.
Always aware of the importance of the health and safety of each of our employees and all our stakeholders, from the beginning of the Covid-19 pandemic in Panama, we chose to follow all the recommendations given by health entities without neglecting our projects and goals. We are already halfway 2020 and with great pride I can tell you that WE ARE DOING GREAT!
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CIFI was granted with the New Market Green Pioneer Award at the 2020 Climate Bond Initiative Awards for its 2019 Green Bonds issue
CIFI was awarded by the Climate Bonds Initiative, an international organization working on the mobilization of capital markets resources to projects that work against climate change, with the Green Bond Pioneer Award 2020 in recognition of the first issuance of green bonds that was placed in Panama, a transaction that marked a milestone in the history of stock market activity in the region.
The Climate Bond Initiative is the leading international recognition of best practices and innovation in green finance, whether bonds, loans or significant market developments in investments that envisage good environmental protection practices.
This award considered CIFI's level of specialization and knowledge in the region by having a structuring and financing track record of more than 200 projects for more than $1.6 billion since 2001, leading an increasing global trend of sustainable investments.
In celebrating this recognition, Arturo De Bernard, CiFI's Chief Financial Officer, said that "the first Green Bond Program in Panama, focused on renewable energy and waste management, is a reflection of CIFI's long-term commitment and mission to sustainable development by creating a financing platform that provides resources to mid-market infrastructure projects that address climate change and provide stable long-term returns."
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Environmental, Social and Governance Report.
The ESG 2019 Report, formerly known as the Annual Environmental and Social Perfomance Report (AESPR), represents an effort to continuously improve our transparency to disclose all relevant information to our key stakeholders.
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This report is prepared by CIFI's Department of Environment, Social and Governance (ESG) in close collaboration with other management units. As part of our governance structure, it constitutes CIFI's Environmental, Social, and Governance Report for fiscal year 2019 (January 1 to December 31, 2019).
The ESG 2019 Report, as every year, is a self-assessment of the implementation of our Environmental and Social Management System in alignment with the applicable ESG internal policies. In addition, this review allows us to identify opportunities for future improvements and to increase governance effectiveness in environmental and social risk management.
The environmental and social performance of our portfolio is a fundamental part of our business model. However, our vision is to ensure that our investments are in line with our values, and strategic planning, allowing for greater additional positive impact to risk management. In that spirit this year we present a much more comprehensive report that includes how ESG is mainstreamed throughout our operation.
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Photovoltaic Energy – Chile
This project, where CIFI is the structuring bank and sole lender, consists of the development, construction and operation of a portfolio of three photovoltaic generation plants; Litre (3 MWp), Lingue (3 MWp) and Llay Llay (11 MWp) with a total installed capacity of 17 MW.
All are located in Chile's Valparaiso region. Two of the plants (Litre and Lingue) are expected to start operations by the end of September 2020, while the Llay Llay plant will begin operations in May 2021.
The project will produce 38,000 MWh of clean energy annually that will benefit approximately 9,500 people and prevent the emission of 23,500 tons of CO2 equivalent to the atmosphere annually.
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ETC Telecommunications Towers – Ecuador
CIFI has structured and closed a senior long-term loan of up to US$10 million in favor of Ecuador Tower Company CÍA Ltda. to finance the construction and installation of 105 new telecommunications towers.
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The project currently has 45 towers installed (and 3 locations shared) between different operators and will benefit from the main loan to achieve its goal of developing a total of 150 towers over the next two years.
In addition, for each installed tower, the ability to lease the same tower to more than one operator is open, also known as "co-location", allowing the Tower cos and operators to maximize the use of these structures and provide coverage to users.
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CIFI receives $15 million from FinDev Canada to fund green projects
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CIFI received a LOAN of USD 15 million from FinDev Canada in order to contribute with renewable energy projects investments in Latin America and the Caribbean, specifically in the construction of new solar, wind and biomass energy facilities, further promoting the development of the local market, generating significant job creation and adding economic value to the region.
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"Our partnership with FinDev Canada gives us the opportunity to continue diversifying our funding with institutions that share our long-term commitment and mission to sustainable development in the region," said Cesar Cañedo Argoelles, CEO of CIFI.
This loan will contribute to the construction of new solar, wind, cogeneration, and biomass energy facilities, creating an additional generational capacity of 270 MW and approximately 644,000 tons of CO2 will be avoided.
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Always committed with Panamá
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Human Support Center Fatima El Chorrillo.
During these complex times for the country, CIFI, as part of its social commitment, coordinated and made donations to the Fátima El Chorrillo Human Support Center, with cleaning supplies and personal hygiene supplies for the San Pedro Nolasco nursing home.
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Corporate Social Responsibility Report
Cifi prepared its Corporate Social Responsibility Report, which details the initiatives launched in this area during 2019.
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