Company name

Banco de la Producción S.A. (Produbanco)

Project number

13655-01

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
tooltip

FI-2

Country

Ecuador

Sector

Financial Institutions

Status

Approved

Disclosed date

06/28/2021

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
tooltip

07/28/2021

Approval date

07/29/2021

Signed date

09/21/2021

Sponsoring entity

N/A

Team leader

Mera Pacheco, Gabriela

Investment type

Financing requested

N/A

Syndicated amount

USD $ 10,000,000

Financing amount

USD $ 50,000,000

Currency

USD

Project scope and objective

The Project consists of supporting Produbanco (“PB”) in the first issuance of a Sustainable Bond in the private sector of Ecuador. The total amount of the Bond is up to US$50 million divided in two series: (i) Serie A where IDB Invest will act as an investor with a 100% subscription for an amount of up to US$40 million; and (ii) Serie B, where IDB Invest or IDB, the latter as administrator of the Canadian Climate Fund (C2F), will act as an investor with a 100% subscription for an amount of up to US$10 million. The Serie B will be subject to economic incentives upon compliance of key performance indicators. The funds from the medium-term Bond will be used to finance small and medium-sized companies (SMEs) and PB's green portfolio. Additionally, IDB Invest will provide an advisory service to define the roadmap for PB’s NetZero Goal. This will allow it to work towards achieving the commitments assumed to the Net-Zero Banking Alliance initiative to align its loan and investment portfolio with net zero emissions by 2050. Additionally, Produbanco will be supported in the process of structuring the framework and certification of the sustainable bond.

For inquiries, comments and information requests about the project

Request information

Learn more about how we provide private-sector solutions in the region.

Early disclosure

ESRS2 PRODUBANCO ENG

137.4 Kb

For inquiries, comments and information requests about the project

Request information

Learn more about how we provide private-sector solutions in the region.

Contact information

For inquiries, comments and information requests about the project

Request information

Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

María Isabel Rodríguez

POSITION

International Banking Manager

PHONE NUMBER

+593 2 299 9000 ext. 7307

EMAIL

rodriguezm@produbanco.com

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

COUNTRY OFFICES

IDB Invest Country Offices