Company name
Banco de Galicia y Buenos Aires S.A. (“Galicia”)
Project number
11609-04
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
Argentina
Sector
Financial Institutions
Status
Hold
Disclosed date
11/03/2016
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
12/13/2016
Approval date
12/13/2016
Signed date
N/A
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
N/A
Financing amount
USD $ 150,000,000
Currency
USD
Project scope and objective
The Project consists in a financing facility for up to US$100 million (“Green Financing Partnership”) for Banco de Galicia y Buenos Aires S.A. (“Galicia”) that will allow Galicia to finance sub-projects with high environmental benefits in Argentina; primarily in the areas of renewable energy and energy efficiency, and will also support other carbon mitigating investments (“Sustainable Projects”). The Green Financing Partnership will support the development and growth of Sustainable Projects in small and medium enterprises and small and medium corporations. The proposed financial instrument will provide Galicia with: (i) an A loan of up to US$30 million to be financed by the Inter American Investment Corporation (“IIC”); and (ii) another A Loan of up to US$70 million to be financed by IDB. Total IDB Group financing will reach up to US$100 million to be disbursed in a three-year period in several tranches between five and seven years.
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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 OfficesFor inquiries, comments and information requests about the project
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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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