Company name
Banco Promerica, S.A.
Project number
14248-01
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
Guatemala
Sector
Financial Institutions
Status
In implementation
Disclosed date
04/12/2024
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
10/10/2023
Approval date
10/10/2023
Signed date
12/14/2023
Sponsoring entity
N/A
Investment Operations Department Contact
Portfolio Management Division
Investment type
Syndicated amount
USD $ 20,165,000
Financing amount
USD $ 45,000,000
Currency
USD
Project scope and objective
Banco Promerica S.A. (hereinafter, “BPGT”, the “Bank” or the “Issuer”) is structuring a thematic issuance program. The first issuance within this program will consist in a sustainable, common, senior, unsecured bond to be issued through a public placement in Guatemala. The issuance will amount to up to US$50 million as follows: (i) IDB Invest will subscribe bonds in the amount of up to US$30 million for a term of up to 5 years; and (ii) other investors will subscribe bonds in the amount of up to US$20 million. In addition, IDB Invest will participate in a second issuance under the program, roughly to occur in 2024, in the amount of up to US$15 million (uncommitted) and for a term of up to five years.
The resources will be used to expand the Bank’s green portfolio and social portfolio. The use of funds will allow the issuance to be labeled as sustainable under the International Capital Market Association (“ICMA”) thematic bonds principles.
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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
marvin.avila@bancopromerica.com.gt
PHONE NUMBER
(502) 241-39503
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.
BPGT - SUSTAINABLE BOND - 14248-01- GU - ENVIRONMENTAL AND SOCIAL REVIEW (ESRS)
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