Company name
Lender of Record: Wells Fargo Bank, N.A. (“Wells Fargo”)
Project number
RC3233A-01
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
FI-3
Country
Regional
Sector
Financial Institutions
Status
Hold
Disclosed date
02/06/2014
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
03/11/2014
Approval date
04/29/2014
Signed date
N/A
Sponsoring entity
Partial Guarantor: Inter-American Investment Corporation
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
USD $ 45,000,000
Financing amount
USD $ 45,000,000
Currency
USD
Project scope and objective
The proposed project involves risk participation where the IIC will provide an unfunded guarantee of up to US$45 million for a program life of up to 3 years to Wells Fargo for trade finance transactions in Ecuador, El Salvador, Guatemala, and Honduras. Under this program, these trade finance transactions will have tenors of up to 1 year, and transactions will benefit SMEs in the target countries through operations with 13 selected banks in the 4 countries.
The proposed project is a direct fit with the IIC’s strategic focus to increase access to finance for local financial institutions in the region by risk-sharing in a portfolio of emerging market trade assets with a partner bank active in the region.
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Contact information
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Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
N/A
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 OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(292) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
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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
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