Company name
Banco de Occidente S.A.
Project number
13865-01
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
Colombia
Sector
Financial Institutions
Status
In implementation
Disclosed date
04/13/2022
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
08/02/2022
Approval date
08/02/2022
Signed date
08/17/2022
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
USD $ 30,000,000
Financing amount
USD $ 70,000,000
Currency
USD
Project scope and objective
The Project consists in providing support to Banco de Occidente S.A. (the “Bank” or “Banco de Occidente”) so that it may strengthen its capital through a subordinated loan for a total amount of up to US$100 million, made up as follows: (i) a subordinated loan in the amount of up to US$70 million to be financed by IDB Invest; and (ii) a parallel subordinated loan in the amount of up to US$30 million to be financed by a co-lender. The term of the financing will be up to 10 years. The loan will be used to finance Small and Medium-Sized Enterprises ("SMEs").
In addition, IDB Invest will provide Banco de Occidente S.A., technical advisory services to strengthen the sustainable financing strategy for its social portfolio, focused on SMEs, and the green portfolio or blue economy.
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Contact information
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Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
N/A
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(292) 623-3952.
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.
BANCO DE OCCIDENTE SUBORDINATED LOAN 13865-01 ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)
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