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Company name

GLOBAL BANK CORPORATION

Project number

14505-01

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
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FI-2

Country

Panama

Sector

Financial Institutions

Status

In implementation

Disclosed date

07/24/2023

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

Projected board date
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09/21/2023

Approval date

09/21/2023

Signed date

10/13/2023

Sponsoring entity

N/A

Investment Operations Department Contact

N/A

Investment type

Syndicated amount

USD $ 173,000,000

Financing amount

USD $ 40,000,000

Currency

USD

Project scope and objective

The transaction involves an unsecured senior A/B loan of up to USD 100 million (the “Project” or the “Loan") to be granted to Global Bank Corporation (“Global Bank” or the “Bank”) with a maximum tenor of five years as from disbursement, including a two-year grace period. IDB Invest will contribute up to US$50 million of the Loan, which will break down as follows: (i) up to US$ 40 million from IDB Invest; and (ii) up to US$10 million through blended financing. One or several third parties will bear the remaining portion (“B Loan”).

The Project goals are: (i) providing access to long-term financing; and (ii) supporting the Bank in financing and expanding its green and climate portfolio. Likewise, the Project may have a technical assistance component provided by IDB Invest to support Global Bank in planning and executing the implementation of the recommendations from the Task Force on Climate-related Financial Disclosures (“TCFD”) as regards governance, strategy, products, communication and monitoring issues. Also, recommendations will be made for its environmental, social and governance policies.

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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.

GLOBAL BANK - CLIMATE FINANCING PARTNERSHIP 145054-01PN ENVIRONMENTAL AND SOCIAL REVIEW ESRS

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Contact information

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Alternatively, you may also use the following contact information :

Client Contact

EMAIL

milagros.liao@globalbank.com.pa

PHONE NUMBER

+507 206-2054

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 .