This amount is possible thanks to the second disbursement of the line, granted last Friday, July 9, to Telefónica Movistar for some US$130.7 million. The first was to Grupo Argos for about US$102.5 million.

The disbursements under the credit line, which is tied to sustainability indicators and financed by Bancolombia, total approximately US$233.3 million.

The company announced today the second disbursement under this model, which aims to improve the interest rate conditions of customers, tying the fulfillment of goals that contribute to a more equitable world. The new disbursement is for US$130.7 million to Telefónica Movistar, only two months after starting this financing model with Grupo Argos.

The main benefit for customers is the cumulative reduction of up to 100 basis points in the interest rate of the loan. Now, with regard to the impact on society, there are many more, understanding that there is a transfer of improved conditions to the communities of the companies taking the credit.

In the case of Telefónica Movistar, its goals are tied to the annual fulfillment of three indicators:

• Climate change: this indicator identifies all activities that seek to reduce or be more efficient in energy consumption, prioritizing renewable energies.
• Gender: it is focused on boosting the percentage of women in leadership positions that are also related to STEM areas (science, technology, engineering and mathematics).
• Cybersecurity: understood as one of the risks of the new normal, this indicator seeks greater security for all in the handling of online data.

Organizations that join this financing model are committed to disclose the results in their annual management report, with an external auditor to verify it.

"We want more organizations, as Telefónica Movistar is doing today, to join this credit that represents a commitment to the future. We businessmen have the responsibility to raise awareness of the impacts we can avoid", said Juan Carlos Mora, president of Bancolombia.