Company name

Scotiabank El Salvador, S.A.

Project number

12604-01

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
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FI-2

Country

El Salvador

Sector

Financial Institutions

Status

In implementation

Disclosed date

06/06/2019

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

Projected board date
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09/05/2019

Approval date

09/05/2019

Signed date

05/28/2020

Sponsoring entity

N/A

Team leader

Guevara Sanchez, Marvin

Investment type

Financing requested

N/A

Syndicated amount

USD $ 12,500,000

Financing amount

USD $ 25,000,000

Currency

USD

Project scope and objective

The proposed transaction consists of a senior unsecured loan for Scotiabank El Salvador, S.A. (Scotiabank) for up to US$37.5 million. The loan package consists of an unsecured senior loan for up to US$37.5 million, including: (i) US$15 million from IDB Invest; (ii) US$10 million from IDB; and (iii) US$12.5 million mobilized through possible co-financing to be financed by IDB Invest in its capacity as administrator of the China Co-financing Fund for Latin America and the Caribbean (the “Fund”). IDB Lab will, in turn, provide technical advisory services on the design and implementation of an SME digital platform called “Let’s SME” that seeks to provide digital financial services to Scotiabank’s SME clients.

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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.

ENVIRONMENTAL AND SOCIAL REVIEW

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Contact information

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Request information

Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Ana Marcela Trabanino

POSITION

N/A

PHONE NUMBER

(503) 2234-4516

EMAIL

Ana.Trabanino@scotiabank.com.sv

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