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
FI-2
Country
Ecuador
Sector
Financial Institutions
Status
In implementation
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
12/09/2022
Approval date
12/09/2022
Signed date
07/11/2023
Sponsoring entity
N/A
Investment Operations Department Contact
Portfolio Management Division
Investment type
Syndicated amount
USD $ 40,000,000
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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Contact information
For inquiries, comments and information requests about the project
Request informationAlternatively, you may also use the following contact information :
Client Contact
cmanhing@bolivariano.com
PHONE NUMBER
+593 4 2560705
POST OFFICE ADDRESS
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
IDB Invest Country OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(202) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
For inquiries, comments and information requests about the project
Request informationLearn more about how we provide private-sector solutions in the region .
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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