Company name
Banco Guayaquil
Project number
11749-06
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
04/30/2019
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
06/11/2019
Approval date
06/11/2019
Signed date
06/14/2019
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
N/A
Financing amount
USD $ 50,000,000
Currency
USD
Project scope and objective
The objective of this project is to support Banco Guayaquil’s (BG) growth strategy for its Micro, Small and Medium-Sized Enterprise (“MSME”) portfolio in order to increase access to financing in these segments. Thus, it is proposed to grant BG a senior unsecured loan for up to US$70 million. The loan will consist of two tranches as follows: (i) committed tranche for up to US$40 million to be used in 2019; and (ii) uncommitted tranche for up to US$30 million to be used in 2020. The term of this operation is five years, with no grace period.
Supplementing this loan, there is expected to be a Technical Assistance (“TA”) component with non-reimbursable funds. The principal objective of this TA is to strengthen the microcredit portfolio by developing a strategy with a gender approach.
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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.
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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.
ENVIRONMENTAL AND SOCIAL REVIEW
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