Company name
Banco de la Producción S.A. (Produbanco)
Project number
13655-01
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
FI-2
Country
Ecuador
Sector
Financial Institutions
Status
In implementation
Disclosed date
06/28/2021
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
07/28/2021
Approval date
07/29/2021
Signed date
11/19/2021
Sponsoring entity
N/A
Investment Operations Department Contact
Portfolio Management Division
Investment type
Syndicated amount
USD $ 10,000,000
Financing amount
USD $ 50,000,000
Currency
USD
Project scope and objective
The Project consists of supporting Produbanco (“PB”) in the first issuance of a Sustainable Bond in the private sector of Ecuador. The total amount of the Bond is up to US$50 million divided in two series: (i) Serie A where IDB Invest will act as an investor with a 100% subscription for an amount of up to US$40 million; and (ii) Serie B, where IDB Invest or IDB, the latter as administrator of the Canadian Climate Fund (C2F), will act as an investor with a 100% subscription for an amount of up to US$10 million. The Serie B will be subject to economic incentives upon compliance of key performance indicators. The funds from the medium-term Bond will be used to finance small and medium-sized companies (SMEs) and PB's green portfolio. Additionally, IDB Invest will provide an advisory service to define the roadmap for PB’s NetZero Goal. This will allow it to work towards achieving the commitments assumed to the Net-Zero Banking Alliance initiative to align its loan and investment portfolio with net zero emissions by 2050. Additionally, Produbanco will be supported in the process of structuring the framework and certification of the sustainable bond.
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Contact information
For inquiries, comments and information requests about the project
Request informationAlternatively, you may also use the following contact information :
Client Contact
rodriguezm@produbanco.com
PHONE NUMBER
+593 2 299 9000 ext. 7307
POST OFFICE ADDRESS
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(202) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
For inquiries, comments and information requests about the project
Request informationLearn more about how we provide private-sector solutions in the region .
Early disclosure
ESRS2 PRODUBANCO ENG
137.4 Kb