Banco Guayaquil, S.A.
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.
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
Acuna Cubillos, Piedad Lucia
USD $ 20,000,000
Project scope and objective
The Project consists of supporting Banco Guayaquil (“BG”), as it issues its first social bond for Ecuador’s private sector. The total amount of the bond is up to US$30 million, and IDB Invest will take part as an investor, with a subscription of 100%. The proceeds from this medium-term social bond will be used to finance the Micro, Small, and Medium-sized enterprises (“MSMEs”) that are part of the microcredit portfolio under the “Banco del Barrio” (neighborhood bank) program and in the bank’s Small and Medium-sized Enterprises (“SME”) portfolio. Banco del Barrio is the nonbank correspondent financing system with the largest geographical reach in the country. The Project will mainly be focused on MSMEs located in the Ecuadorian cities most impacted by Covid-19. Technical assistance will also be provided for designing the conceptual framework of the bond issue, and a second party opinion will be included, pursuant to the Sustainable Development Goals (“SDGs”).
For inquiries, comments and information requests about the projectRequest information
Alternatively, you may also use the following contact information:
Óscar Ortega Pino
IDB Invest Contact
1350 New York Ave NW, Washington, DC 20005