Company name

Banco Pichincha C.A.

Project number

11762-06

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

Ecuador

Sector

Financial Institutions

Status

Proposed

Disclosed date

09/30/2021

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

Projected board date
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12/07/2021

Approval date

12/07/2021

Signed date

N/A

Sponsoring entity

N/A

Team leader

Mera Pacheco, Gabriela

Investment type

Financing requested

N/A

Syndicated amount

N/A

Financing amount

USD $ 50,000,000

Currency

USD

Project scope and objective

The project consists of supporting Banco Pichincha C.A. in the first Senior Social Gender Bond issuance in Ecuador. The total amount of the Bond is up to US$200 million with a five-year term. IDB Invest will act as investor with a subscription for a total amount of up to US$50 million. The International Finance Corporation (IFC) is also participating as investor with up to US$$50 million and other potential investors will participate with up to US$100 million. The proceeds of the Bond will be aimed at expanding the financing to Women-led Small and Medium Enterprises (WSMEs), increasing their productive investments and economic development.

 

Additionally, technical advisory will be provided to: (i) strengthen the gender and diversity strategy of Banco Pichincha by developing a value proposition focused on WSMEs in the agricultural sector, which will also address some the challenges indigenous and rural women entrepreneurs face in Ecuador; and (ii) design the conceptual framework of the bond issue, and a second party opinion will be included, pursuant to the Sustainable Development Goals (“SDGs”).

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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. Any gaps with respect to the IDB Invest Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) provided below.

BANCO PICHINCHA 11762-06 ESRS

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Contact information

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Request information

Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Eduardo Urgilés

POSITION

Treasury manager

PHONE NUMBER

(593 2) 2 980-980 ext. 593411

EMAIL

eurgiles@pichincha.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