Economy

Moreno Mexía highlighted importance of British support in getting green bond for Baja California

The UK ambassador in Mexico, Jon Benjamin, spoke about the vision and leadership of Governor Marina del Pilar

By Redacción 2023-04-04T23:57:00+00:00

According to what’s been revealed by the Secretary of Finance of Baja California, Marco Antonio Moreno Mexía, the ambassador of the UK in Mexico, Jon Benjamin, congratulated Governor Marina del Pilar Ávila Olmeda for recently acquiring the green bond from the state government and the North American Development Bank (NADBank). This bond will be used to address hydraulic infrastructure issues in the state, particularly municipalities in the coastal area.

The state official highlighted that the diplomatic representative of this European country considers that this is “a landmark that will begin the sustainable subnational financing frameworks to benefit Baja Californians.”

Moreno Mexía pointed out that Baja California is the first state in Mexico with a Sustainable Finance Framework, which resulted from the dealings led by the governor before this international organization, taking an essential step to resolve a binational problem.

The head of the Secretariat of Finance added that this bond was free for the state of Baja California, as the sustainable framework was prepared by British company (GGGI) with resources derived from the cooperation between Mexico and the United Kingdom, the intervention of rating agencies and legal assistance came from NADBank, and the structuring was carried out in the agency, with no payments from the state administration.

He emphasized the coordination between British representation and the Secretariat of Finance of Baja California through the UK PACT program, which was essential in getting this green financing.

“I acknowledge that Baja California has become a pioneer and innovator as it has created a watershed and example to follow for other Mexican states by obtaining resources for projects and investment programs that allow it to fulfill the 2030 UN Agenda, while also moving forward with the national commitments that it has with the Paris Agreement,” the ambassador said in a statement.

Lastly, Benjamin recognized the vision and leadership of Governor Marina del Pilar for achieving this bond and helping in the cooperation and friendship between Mexico and the United Kingdom.