Company name

Banco Bolivariano C.A.

Project number

14183-01

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

Ecuador

Sector

Financial Institutions

Status

Proposed

Disclosed date

09/14/2022

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

Projected board date
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12/09/2022

Approval date

12/05/2022

Signed date

03/24/2023

Sponsoring entity

N/A

Team leader

Mera Pacheco, Gabriela

Investment type

Syndicated amount

USD $ 20,000,000

Financing amount

USD $ 40,000,000

Currency

USD

Project scope and objective

The Project consists of supporting Banco Bolivariano C.A. to issue the first Blue Bond in Ecuador. The total amount of the Bond is up to US$50 million with a five-year term. IDB Invest will act as an anchor investor with a subscription for a total amount of up to US$40 million. Another potential investor will participate with a subscription for a total amount of up to US$10 million. The Bond proceeds will be used to promote and further extend financing projects and opportunities for sustainable, water‑related ocean business that address the challenges of the blue economy, create sustainable business opportunities in the oceans and manage oceans responsibly.

Additionally, IDB Invest will provide advisory services with the objective of supporting the bank in the process of the Blue Bond's structure. This involves defining the use of eligible funds, the development of the Bond´s conceptual framework, as well as the environmental and/or social benefit of the financed projects. In addition, Banco Bolivariano will also be supported in the certification of the Blue Bond through the contracting of an external provider of Second Party Opinions (“SPO”), who will be in charge of issuing the SPO.

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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.

ALLIANCE WITH BCO BOLIVARIANO - 14183-01 - ESRS (ENG)

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Contact information

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Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Connie Man-Hing

POSITION

Gerente de Tesorería y Relaciones Internacionales

PHONE NUMBER

+593 4 2560705

EMAIL

cmanhing@bolivariano.com

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

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