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Company name

Banistmo S.A.

Project number

12174-02

FI-3 operations are those where the risk potential is considered low: the FI’s current or future portfolio consists of financial exposure to business activities that predominantly have minimal or no adverse environmental and social impacts.

E&S category
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FI-3

Country

Panama

Sector

Financial Institutions

Status

Completed

Disclosed date

06/03/2019

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

Projected board date
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07/03/2019

Approval date

07/16/2019

Signed date

08/01/2019

Sponsoring entity

N/A

Investment Operations Department Contact

Portfolio Management Division

Investment type

Syndicated amount

N/A

Financing amount

USD $ 50,000,000

Currency

USD

Project scope and objective

The project consists in the subscription of the first Social Bond with a Gender focus, to be issued by Banistmo S.A. (“Banistmo”) in the local market (private placement) for up to US$30 million, bullet, in a maximum five-year term. The proceeds will be used to finance projects with high positive social impact in the country, focus on women-led small and medium enterprises ("SMEs"). In order to validate the Bond as a Social Bond with a gender focus, the issuance will be certified by a third party -an independent consultant-, validating the emission at the local market and increasing impact investor’s interest for the Bond. The Bond issuance (private placement) will be aligned with the Sustainable Development Goals ("SDGs") and the Social Bond Principles ("SBP") and will be the first one not only in Panama but also in Latin America.

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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

45.8 Kb

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Contact information

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Alternatively, you may also use the following contact information :

Client Contact

EMAIL

jessica.chen@banistmo.com

PHONE NUMBER

(507) 321-7239

POST OFFICE ADDRESS

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

For inquiries, comments and information requests about the project

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