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
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B

Country

Panama

Sector

Manufacturing

Status

Hold

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
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03/12/2021

Approval date

03/12/2021

Signed date

N/A

Sponsoring entity

Promotor: Conservatorio, S.A. (“Conservatorio”)

Team leader

Fonseca, Juan Reyes

Investment type

Financing requested

N/A

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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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. Any gaps with respect to the IDB Invest Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) provided below.

LA QUINCE - ENVIONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)

768.0 Kb

LA QUINCE - ENVIONMENTAL AND SOCIAL ACTION PLAN (ESAP)

583.7 Kb

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Contact information

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EMAIL

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PHONE

+1(202)-566-4566

ADDRESS

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