Company name

First Citizens Group Financial Holdings Limited

Project number

11805-03

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

Trinidad and Tobago

Sector

Financial Institutions

Status

Proposed

Disclosed date

06/29/2022

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

Projected board date
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08/02/2022

Approval date

08/02/2022

Signed date

N/A

Sponsoring entity

N/A

Team leader

Apel, Michael

Investment type

Syndicated amount

N/A

Financing amount

USD $ 175,000,000

Currency

USD

Project scope and objective

The proposed transaction with First Citizens Group Financial Holdings Limited (“First Citizens” or “FC”) consists of a senior unsecured financing for no more than US$175 million with a tenor of up to seven years, to be funded by IDB Invest. The purpose of the financing is to support First Citizens’ strategy to: (i) grow its low- and middle-income household mortgage portfolio; (ii) develop its digitalization investments; and (iii) expand its SME lending portfolio. 

In addition, First Citizens has signed an agreement for technical advisory services provided by IDB Invest for the development of a Green Finance portfolio and line of business. Advisory services will include the development of a sustainable finance strategy, a portfolio analysis and segmentation and the development of at least one green financial product.

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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.

FC PARTNERSHIP - 11805-03 -ESRS (ENG)

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Contact information

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Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Keshwar Khodai

POSITION

Group Treasurer

PHONE NUMBER

(868) 624 3178

EMAIL

keshwar.khodai@firstcitizenstt.com

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