Company name

Banco Pichincha

Project number

11762-05

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

In implementation

Disclosed date

09/26/2018

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

Projected board date
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10/26/2018

Approval date

11/08/2018

Signed date

12/12/2019

Sponsoring entity

N/A

Team leader

Acuna Cubillos, Piedad Lucia

Investment type

Syndicated amount

N/A

Financing amount

USD $ 50,000,000

Currency

USD

Project scope and objective

This project consists in supporting the first green bond issuance by a private sector entity in Ecuador. Banco Pichincha is issuing green bonds in the local market under a US$250 million program. The bonds will have a maturity of up to five years. The proposal of IDB Invest is to subscribe up to US$50 million and potentially mobilize up to US$50 million of co-investment.

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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

31.1 Kb

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Contact information

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Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

N/A

POSITION

N/A

PHONE NUMBER

N/A

EMAIL

N/A

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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