BBVA has announced a five-year, €550 million ($638.9 million) commitment in support of initiatives aimed at fostering inclusive growth in all countries where the bank has a presence.

BBVA's 2021-25 "community pledge" will focus on three priority areas that support the United Nations' Sustainable Development Goals and address some of the most pressing social challenges in North America, South America, Europe, and the Asia-Pacific. Through its initiatives, the bank aims to support five million entrepreneurs, offer quality education to more than three million people, and provide financial education to a million people.

To reduce inequality and promote entrepreneurship (SDG 8), the BBVA Microfinance Foundation will originate more than €7 billion ($8.13 billion) in micro-loans to 4.5 million vulnerable entrepreneurs, while BBVA will allocate approximately €115 million ($133.5 million) in support of social assistance organizations and the development of financial education programs and €40 million ($46.4 million) to non-financial support programs designed to assist social, environmental, and vulnerable entrepreneurs.

To create opportunities for all through education (SDG 4), BBVA will invest more than €215 million ($249.8 million) in the bank's existing scholarship and educational resources programs; efforts to bridge the digital gap in education by expanding connectivity, access to devices, and digital skills training opportunities; and initiatives to provide free access to quality educational content. And in support of research and culture (SDG 9), the bank will allocate some €180 million ($209.1 million) to programs that support researchers and creators in the fields of economics, science, and culture, facilitating access to knowledge, research, and culture for twenty-five million people.

"This is the most ambitious social plan that we have implemented to date," said BBVA chief executive Onur Genç. "Sustainability is a strategic priority for BBVA. We want to contribute to the fight against climate change and to promote inclusive growth."

(Photo credit: BBVA)