Company name
Banco Guayaquil, S.A.
Project number
11749-07
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
Ecuador
Sector
Financial Institutions
Status
In implementation
Disclosed date
05/01/2020
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
06/01/2020
Approval date
07/27/2020
Signed date
12/02/2020
Sponsoring entity
N/A
Team leader
Acuna Cubillos, Piedad Lucia
Investment type
Syndicated amount
N/A
Financing amount
USD $ 20,000,000
Currency
USD
Project scope and objective
The Project consists of supporting Banco Guayaquil (“BG”), as it issues its first social bond for Ecuador’s private sector. The total amount of the bond is up to US$30 million, and IDB Invest will take part as an investor, with a subscription of 100%. The proceeds from this medium-term social bond will be used to finance the Micro, Small, and Medium-sized enterprises (“MSMEs”) that are part of the microcredit portfolio under the “Banco del Barrio” (neighborhood bank) program and in the bank’s Small and Medium-sized Enterprises (“SME”) portfolio. Banco del Barrio is the nonbank correspondent financing system with the largest geographical reach in the country. The Project will mainly be focused on MSMEs located in the Ecuadorian cities most impacted by Covid-19. Technical assistance will also be provided for designing the conceptual framework of the bond issue, and a second party opinion will be included, pursuant to the Sustainable Development Goals (“SDGs”).
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Contact information
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Client Contact
CONTACT NAME
Óscar Ortega Pino
POSITION
Treasury Manager
PHONE NUMBER
+593-3730100
oortega@bancoguayaquil.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.
ENVIRONMENTAL AND SOCIAL REVIEW
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