Company name
Vareen Assets Corporation
Project number
15923-01
Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.
E&S category
B
Country
Panama
Sector
Tourism
Status
Proposed
Disclosed date
04/07/2026
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
06/26/2026
Approval date
06/04/2026
Signed date
N/A
Sponsoring entity
Eurolatin Hospitality, Corp.
Investment Operations Department Contact
Corporates Division
Investment type
Syndicated amount
N/A
Financing amount
USD $ 30,000,000
Currency
USD
Project scope and objective
Bern Hotels & Resorts (BHR), through Vareen Assets Corporation, seeks up to US$150 million in financing through its bond issuance program, registered with the Superintendence of the Securities Market of the Republic of Panama (SMV) and listed for public offering on the Latin American Stock Exchange (Latinex). The initial issuances expected under the program amount to US$70 million, to be placed through different bond series. IDB Invest will participate as an anchor investor, subscribing up to US$30 million in one of the series under the program, while other investors will subscribe the remaining amount of up to US$40 million through additional series.
This financing represents the first Sustainability-Linked Bond (SLB) in Panama’s hotel industry and is expected to set a benchmark for sustainability. In addition to its role as anchor investor, IDB Invest will advise on the preparation of the Sustainability-Linked Bonds Framework (SLB Bonds Framework), strengthening the financing structure and aligning it with international sustainability standards. IDB Invest’s participation aims to send a positive signal to Panama’s capital markets, supporting the development of innovative financial instruments and promoting best practices in environmental, social, and governance matters.
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Contact information
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Client Contact
PHONE NUMBER
n/a
POST OFFICE ADDRESS
Bayfront Tower, Av. Vaso Nuñez de Balboa, Provincia de Panamá, Panamá
Information not available on IDB Invest website may be requested by mailing to 1350 New York Ave NW, Washington, DC 20577, by e-mailing [email protected] or by calling +1(202)-566-4566.
Individuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing [email protected] 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 [email protected] or [email protected] 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 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.
BERN SUSTAINABILITY-LINKED BOND - ENVIRONMENTAL AND SOCIAL ACTION PLAN (ESAP)
122.9 Kb
BERN –SUSTAINABILITY-LINKED BOND - ENVIRONMENTAL AND SOCIAL REVIEW (ESRS)
358.4 Kb