Company name
Banesco Banco Múltiple S.A.
Project number
14925-01
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
FI-2
Country
Dominican Republic
Sector
Financial Institutions
Status
Proposed
Disclosed date
10/25/2024
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
12/04/2024
Approval date
N/A
Signed date
N/A
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
USD $ 30,000,000
Financing amount
USD $ 25,000,000
Currency
USD
Project scope and objective
The proposed transaction consists of a senior unsecured committed loan for Banesco Banco Múltiple, S.A. (“Banesco RD” or the “Bank”) for a total amount of up to US$25 million (the “Project” or “IDB Invest A Loan”), to be financed by IDB Invest in US dollars, with the option to convert to Dominican pesos (“DOP”). The Project will be accompanied by one or more loans related to IDB Invest A Loan for an uncommitted amount of up to US$20 million (“IDB Invest B Loan”). The proposed term for the Project would be up to five years, including a two-year grace period. Additionally, a co-investor is expected to participate with an additional committed amount of up to US$10 million.
The main purpose of the Project is to increase access to financing for Micro, Small, and Medium Enterprises (“MSMEs”), women-led or owned MSMEs (“Women MSMEs”), and the green portfolio in the Dominican Republic.
Furthermore, the Loan may include a component of technical advisory services provided by IDB Invest to support Banesco RD in enhancing its value proposal for MSMEs and Women MSMEs, as well as its internal skills for identifying, segmenting and reporting its green portfolio, so as to improve and increase access for these sectors and segments to financing and non-financial services in the country.
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Contact information
For inquiries, comments and information requests about the project
Request informationAlternatively, you may also use the following contact information :
Client Contact
jevargas@banesco.com
PHONE NUMBER
829-893-8221
POST OFFICE ADDRESS
Av. Abraham Lincoln 1021, Casa Matriz Banesco RD-P3-Salon de Negocios (3er Piso). Santo Domingo, República Dominicana
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
Request informationLearn more about how we provide private-sector solutions in the region .
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.
BANESCO BANCO MULTIPLE, SA - 14925-01-DR - ENVIRONMENTAL AND SOCIAL REVIEW ESRS
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