The International Finance Corporation (IFC), part of the World Bank, will lend $301m to a developer in Mexico to build “affordable, green housing”.

The loan is going to developer and homebuilder Vinte Viviendas, which in its 21-year history has developed around 60,000 homes in six states in Mexico.

$58m of the loan will help Vinte Viviendas buy a rival developer in Mexico, Servicios Corporativos Javer, a deal announced in July.

“By expanding access to affordable, green housing, we are addressing critical development challenges and contributing to Mexico’s climate goals,” said Juan Gonzalo Flores, the corporation’s country manager.

The IFC hopes the loan will unlock $243m in private sector investment through the local bond market.

Domingo Valdés Díaz, Vinte’s chief finance officer, said Vinte had built the most homes in the world certified by the IFC’s EDGE green-housing certification scheme since the scheme was introduced in 2014.

Vinte said it plans to certify at least 90% of its new developments.