Company name
La Quince, S. de R.L.
Project number
13249-01
Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.
E&S category
B
Country
Panama
Sector
Manufacturing
Status
Inactive
Disclosed date
11/04/2020
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
03/12/2021
Approval date
03/12/2021
Signed date
N/A
Sponsoring entity
Promotor: Conservatorio, S.A. (“Conservatorio”)
Investment Operations Department Contact
Portfolio Management Division
Investment type
Syndicated amount
N/A
Financing amount
USD $ 7,500,000
Currency
USD
Project scope and objective
Conservatorio, S.A. ("Conservatorio" or "the Company") is a real estate development company and the sponsor of La Quince ("La Quince" or "the Project") through its subsidiary La Quince, S. de R.L., a special purpose vehicle (“SPV”) incorporated for such purpose. The Project site is centrally located in the historic neighborhood of Santa Ana, within the Historic Monumental Complex of the Historic Center of Panama City, recognized as a United Nations Educational, Scientific and Cultural Organization (“UNESCO”) World Heritage Site. The Project consists of five buildings between Calle B, Calle C, and Calle Quince, each with its own characteristics for mixed-income and mixed-use, totaling 145 apartments and 40 commercial spaces.
The operation consists of a corporate loan for up to US$7.5 million (seven million five hundred thousand dollars), with two tranches: (i) A committed tranche for a five year term loan to finance the construction and sale period of the residential units (the "Project"); and (ii) an uncommitted tranche for a four year term loan, if needed, to promote the set-up of the commercial spaces to be occupied by Micro, Small and Medium Enterprises (MSMEs) and other organizations which shall also include an innovation hub and cultural spaces.
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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(202) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
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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.
LA QUINCE - ENVIONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)
768.0 Kb
LA QUINCE - ENVIONMENTAL AND SOCIAL ACTION PLAN (ESAP)
583.7 Kb