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
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FI-2

Country

Argentina

Sector

Financial Institutions

Status

Approved

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
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12/13/2016

Approval date

12/13/2016

Signed date

N/A

Sponsoring entity

N/A

Team leader

Flaiban, Diego

Investment type

Financing requested

N/A

Syndicated amount

N/A

Financing amount

USD $ 100,000,000

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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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

For inquiries, comments and information requests about the project

Request information

Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Carlos E. López

POSITION

Financial Institutions Manager

PHONE NUMBER

(+ 54 11) 6329-6133

EMAIL

carlos.e.lopez@bancogalicia.com.ar

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