Company name

Banco Davivienda (Costa Rica) S.A.

Project number

14246-01

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

10/28/2022

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

Projected board date
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12/06/2022

Approval date

12/05/2022

Signed date

N/A

Sponsoring entity

N/A

Team leader

Vargas Castro, Pablo

Investment type

Syndicated amount

USD $ 30,000,000

Financing amount

USD $ 30,000,000

Currency

USD

Project scope and objective

The transaction consists of a senior unsecured A/B loan for up to US$60 million (the “Project” or the “Loan") to be granted to Banco Davivienda (Costa Rica) S.A. (“Davivienda” or the “Bank”), with a tenor of up to five years from the disbursement date, including a two-year grace period for principal payments. IDB and IDB Invest will provide up to US$30 million in equal shares of US$15 million each for the Loan. The remaining Loan amount will be covered by one or several external lenders (“B Loan"). The main purpose of the financing is to expand the Bank’s green project portfolios and financing in Costa Rica. The Project will also include a technical advisory services component provided by IDB Invest to strengthen new strategies and business niches for the Bank’s green portfolio.

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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.

DAVIVIENDA GREEN FINANCE PARTNERSHIP CR - 14246-01 - ESRS

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Contact information

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Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Jonathan Alvarez Mendez

POSITION

Gerente de Finanzas y Riesgos de Tesorería

PHONE NUMBER

(506) 2588-0000. Ext. 9632

EMAIL

jonathan.a.alvarez@davivienda.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

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