Company name
GLOBAL BANK CORPORATION
Project number
14505-01
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
FI-2
Country
Panama
Sector
Financial Institutions
Status
In implementation
Disclosed date
07/24/2023
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
09/21/2023
Approval date
09/21/2023
Signed date
10/13/2023
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
USD $ 173,000,000
Financing amount
USD $ 40,000,000
Currency
USD
Project scope and objective
The transaction involves an unsecured senior A/B loan of up to USD 100 million (the “Project” or the “Loan") to be granted to Global Bank Corporation (“Global Bank” or the “Bank”) with a maximum tenor of five years as from disbursement, including a two-year grace period. IDB Invest will contribute up to US$50 million of the Loan, which will break down as follows: (i) up to US$ 40 million from IDB Invest; and (ii) up to US$10 million through blended financing. One or several third parties will bear the remaining portion (“B Loan”).
The Project goals are: (i) providing access to long-term financing; and (ii) supporting the Bank in financing and expanding its green and climate portfolio. Likewise, the Project may have a technical assistance component provided by IDB Invest to support Global Bank in planning and executing the implementation of the recommendations from the Task Force on Climate-related Financial Disclosures (“TCFD”) as regards governance, strategy, products, communication and monitoring issues. Also, recommendations will be made for its environmental, social and governance policies.
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Contact information
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Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
N/A
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.
For inquiries, comments and 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.
GLOBAL BANK - CLIMATE FINANCING PARTNERSHIP 145054-01PN ENVIRONMENTAL AND SOCIAL REVIEW ESRS
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