BBVA Increases The Investment Of Its Social Plan By 33%

BBVA will invest 550 million euros from 2021 to 2025 in social inclusion projects. The entity increases its allocation to this strategy by almost 33%, compared to the 414.5 million it allocated in the previous plan. The bank headed by Carlos Torres thus reinforces the ‘S’ of ESG (the criteria of Environmental, Social and Governance, or Medio Mmbiente, Social y Gobernanza, in Spanish). On the one hand, investors increasingly take these criteria into account when making decisions, while, on the other, bank managers have been linking their bonuses to the achievement of objectives in this regard for several years.

According to the CEO of BBVA, Onur Genç, this social plan is the “most ambitious” that the entity has implemented to date . “Sustainability is a strategic priority for BBVA. We want to contribute to the fight against climate change and inclusive growth,” he said.

The plan is based on three focuses of action. The first of them will work to reduce inequality and promote entrepreneurship. Within this pillar, the bank will focus primarily on supporting entrepreneurs through the BBVA Microfinance Foundation, allocating 7,000 million euros to finance 4.5 million vulnerable entrepreneurs through small loans.

The second pillar will focus on the fight against social and economic inequality, to which the entity will allocate 115 million euros in the next four years to support organizations focused on social assistance and the development of financial education programs, which will benefit directly to more than three million people. Likewise, non-financial support programs will be developed, such as ‘BBVA Momentum’, ‘Women Entrepreneur’ in Turkey or ‘My first Company’ in Argentina, for which 40 million euros will be allocated.

The second focus of the plan will be focused on creating opportunities through education . This plan, endowed with 215 million euros, will focus on educational access and quality programs; closing the digital divide in the field and free access to educational content.

Finally, the third focus, for which 180 million euros will be invested, will focus on supporting research and culture . This includes support programs for researchers and creators in the field of economics, science and culture, such as the Frontiers of Knowledge awards.

BBVA develops its social programs within the framework of multi-year community investment plans in all the countries where the group is present.

Boost to entrepreneurs
BBVA, within the framework of its social inclusion strategy and through various initiatives, will support five million entrepreneurs, help more than three million people have a quality education and train one million people in financial education. In total, these programs will reach 100 million people in that period , which runs from 2021 to 2025. The latest plan, developed between 2016 and 2019, benefited more than 35 million people.

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