Company name

Banco Nacional de Costa Rica

Project number

13280-01

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
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FI-2

Country

Costa Rica

Sector

Financial Institutions

Status

Proposed

Disclosed date

04/16/2021

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

Projected board date
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06/30/2021

Approval date

07/01/2021

Signed date

N/A

Sponsoring entity

N/A

Team leader

Eskildsen Alfaro, Jan Petter

Investment type

Financing requested

USD $ 75,000,000

Syndicated amount

N/A

Financing amount

USD $ 45,000,000

Currency

USD

Project scope and objective

The proposed transaction consists of a social subordinated bond of up to US$75 million which will be funded in up to US$50 million by IDB Invest and the rest (up to US$25 million) by other impact investors. IDB Invest will support Banco Nacional de Costa Rica (“BNCR” or the “Bank”) to launch its first social bond in accordance with the Social Bond Principles issued by the International Capital Markets Association (“ICMA”). The bond aims to support the Bank in financing Small and Medium-Sized Enterprises (“SMEs”), as well as to grow its “BN Mujer” portfolio which is oriented to women-owned and women-led SMEs.

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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. Any gaps with respect to the IDB Invest Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) provided below.

ENVIRONMENTAL AND SOCIAL REVIEW SHEET

67.2 Kb

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Contact information

For inquiries, comments and information requests about the project

Request information

Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Ms. Silvia Chaves Herra

POSITION

Director of Institutional Relations and Sustainability

PHONE NUMBER

(506) 2212-2000 Ext

EMAIL

schavesh@bncr.fi.cr

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