Company name
Multibank, Inc.
Project number
PN3757A-01
N/A
E&S category
N/A
Country
Panama
Sector
Financial Institutions
Status
In implementation
Disclosed date
09/03/2010
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
10/05/2010
Approval date
11/02/2010
Signed date
N/A
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
N/A
Financing amount
USD $ 6,000,000
Currency
N/A
Project scope and objective
Multibank began operations in 1990 under a general banking license issued by the Panamanian banking authority, Superintendencia de Bancos de Panamá. From the beginning, Multibank has focused on providing banking services to small and medium-size companies, but it also provides personal banking services. In 2005, Multibank began a process to become a universal bank, opening branches, expanding its product portfolio, and expanding services to its clients.
Multibank’s management team includes top-rated executives and professionals with several years of experience in the banking sector, who have worked to position the bank in the Panamanian market.
The project consists of providing Multibank with a loan of up to US$6 million for financing Panamanian SMEs and/or residential housing for middle- and low-income individuals. In the case of residential housing, subloan beneficiaries shall be individuals who are residents and citizens of Panama and who will live in the housing unit themselves.
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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.
ENVIRONMENTAL AND SOCIAL REVIEW
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