Company name

Banistmo S.A

Project number

12174-03

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

Panama

Sector

N/A

Status

In implementation

Disclosed date

07/26/2021

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

Projected board date
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11/29/2021

Approval date

12/10/2021

Signed date

06/27/2022

Sponsoring entity

N/A

Team leader

Arevalo, Daniel Jose

Investment type

Syndicated amount

N/A

Financing amount

USD $ 31,000,000

Currency

USD

Project scope and objective

The Project involves establishing a risk mitigation guarantee program for Banistmo with the support of IDB Invest and Panama’s National Government, with the objective of guaranteeing Banistmo’s existing portfolio loans and the new loans issued by Banistmo to the tourism sector nationwide. IDB Invest shall provide a guarantee of up to USD 31 million to support Banistmo in reducing its portfolio risk by expanding its capacity to generate new productive loans supporting the economic recovery of the sector. The program will also be partially guaranteed by the Panamanian National Government.

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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.

BANISTMO - ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)

204.8 Kb

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Contact information

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Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Valeria Rosales Padilla

POSITION

Corporate Sustainability Manager

PHONE NUMBER

+507 321-7447

EMAIL

Relaciones_Corporativas@banistmo.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