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Company name

Banco Patagonia S.A.

Project number

11600-03

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

Argentina

Sector

Financial Institutions

Status

In implementation

Disclosed date

06/22/2018

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

Projected board date
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08/03/2018

Approval date

08/01/2018

Signed date

11/28/2018

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 proposed Project includes an unsecured senior loan for up to US$50 million for Banco Patagonia S.A. (“Patagonia”) that will allow that institution to support the financing of investment projects in small and medium-sized enterprises ("SMEs") in Argentina with a focus on the agricultural sector. The proposed loan will provide Patagonia with: (i) an A loan from IDB Invest for up to US$18 million; and (ii) another A loan from the Inter-American Development Bank ("IDB") for up to US$32 million. Total IDB Group financing will be disbursed over a maximum term of seven years in various tranches, for terms of three, four, and seven years. In addition, efforts will be made to mobilize additional funds from B lenders.

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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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Contact information

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Request information

Alternatively, you may also use the following contact information :

Client Contact

EMAIL

N/A

PHONE NUMBER

N/A

POST OFFICE ADDRESS

N/A

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

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