Company name
First Citizens Group Financial Holdings Limited
Project number
11805-03
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 
FI-2
Country
Trinidad and Tobago
Sector
Financial Institutions
Status
Hold
Disclosed date
06/29/2022
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
08/02/2022
Approval date
08/02/2022
Signed date
N/A
Sponsoring entity
N/A
Team leader
Eskildsen Alfaro, Jan Petter
Investment type
Syndicated amount
N/A
Financing amount
USD $ 175,000,000
Currency
USD
Project scope and objective
The proposed transaction with First Citizens Group Financial Holdings Limited (“First Citizens” or “FC”) consists of a senior unsecured financing for no more than US$175 million with a tenor of up to seven years, to be funded by IDB Invest. The purpose of the financing is to support First Citizens’ strategy to: (i) grow its low- and middle-income household mortgage portfolio; (ii) develop its digitalization investments; and (iii) expand its SME lending portfolio.
In addition, First Citizens has signed an agreement for technical advisory services provided by IDB Invest for the development of a Green Finance portfolio and line of business. Advisory services will include the development of a sustainable finance strategy, a portfolio analysis and segmentation and the development of at least one green financial product.
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Contact information
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Client Contact
CONTACT NAME
Keshwar Khodai
POSITION
Group Treasurer
PHONE NUMBER
(868) 624 3178
keshwar.khodai@firstcitizenstt.com
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(292) 623-3952.
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.
FC PARTNERSHIP - 11805-03 -ESRS (ENG)
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