Company name

Banco Múltiple Promerica, S.A.

Project number

13761-01

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

Dominican Republic

Sector

Financial Institutions

Status

Proposed

Disclosed date

10/12/2021

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

Projected board date
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11/09/2021

Approval date

11/16/2021

Signed date

N/A

Sponsoring entity

N/A

Team leader

Jimenez Duran, Manuel Jose

Investment type

Financing requested

N/A

Syndicated amount

N/A

Financing amount

USD $ 10,000,000

Currency

USD

Project scope and objective

The proposed transaction consists of an unsecured subordinated loan in US dollars ("US$") to Banco Múltiple Promerica, S.A. ("Promerica" or the "Bank"), for an amount of up to US$10 million. The maturity of the loan will be of up to seven years. The subordinated loan from IDB Invest will be used by Promerica to increase the size of its commercial portfolio by providing financing to small and medium enterprises (SMEs).

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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.

PROMERICA DR 13761-01 ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)

143.4 Kb

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Contact information

For inquiries, comments and information requests about the project

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Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Margarita Armenteros Ferrua

POSITION

VPA Senior Finance

PHONE NUMBER

1 (809) 732-8448

EMAIL

finanzas@promerica.com.do

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