Company name

Banco de la Ciudad de Buenos Aires

Project number

12333-01

FI-2 operations are those where the risk potential is considered medium: the FI’s current or future portfolio consists of or is expected to consist of, business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures; or includes a very limited number of business activities with potential adverse environmental or social risks or impacts that are diverse, irreversible, or unprecedented.

E&S category
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FI-2

Country

Argentina

Sector

Financial Institutions

Status

In implementation

Disclosed date

03/27/2018

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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07/25/2018

Approval date

07/27/2018

Signed date

12/04/2018

Sponsoring entity

N/A

Team leader

Patti, Lucila Andrea

Investment type

Syndicated amount

N/A

Financing amount

USD $ 50,000,000

Currency

USD

Project scope and objective

The proposed project includes a financing mechanism for up to US$50 million (“Sustainable Financing Mechanism”) for Banco de la Ciudad de Buenos Aires (“Banco Ciudad”) that will allow that institution to finance subprojects with important environmental benefits in Argentina, primarily targeting the renewable energy and energy efficiency sectors, although it will also seek to support other investments intended to mitigate the effects of climate change (“Sustainable Projects”). The Sustainable Financing Mechanism will provide Ciudad with an unsecured senior loan consisting of: (i) Tranche I for up to US$25 million with a term of up to seven years; and (ii) Tranche II for up to US$25 million with a term of up to five years. Both Tranches will be directed to financing other sustainable projects that require longer amortization terms.

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Environmental and social review

IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.

ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY

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Contact information

For inquiries, comments and information requests about the project

Request information

Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Santiago Aranda

POSITION

Big Companies Coordinator

PHONE NUMBER

+54 (11) 4329-8835 * 8835

EMAIL

saranda@bancociudad.com.ar

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

COUNTRY OFFICES

IDB Invest Country Offices