Company name

CONSTRUCTORA RIGA SERVICES S.A.

Project number

13325-02

Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.

E&S category
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B

Country

Panama

Sector

Social Infrastructure

Status

In implementation

Disclosed date

07/22/2021

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

Projected board date
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09/30/2021

Approval date

09/29/2021

Signed date

12/07/2021

Sponsoring entity

N/A

Team leader

Dulce Junco

Investment type

Syndicated amount

N/A

Financing amount

USD $ 10,000,000

Currency

USD

Project scope and objective

Constructora Riga Services S.A. (“RIGA”, the “Company” or the “Client”) has requested financing through two credit facilities, a corporate revolving working capital line and a credit rights revolving line to support the construction of Hospital Dionisio Arrocha in Puerto Armuelles, Province of Chiriquí, and of Hospital Almirante located in Almirante, Province of Bocas del Toro, both located in Panama (jointly, the “Project Hospitals” or the “Project”). 


The Project entails two different infrastructures: (i) a new hospital (Hospital Dionisio Arrocha) in Puerto Armuelles, Province of Chiriquí, with 75.33% of the works already completed, which will be concluded in late 2022 and will include 130 hospital beds, for the benefit of about 60,000 people, and (ii) and a new hospital in Almirante, Province of Bocas del Toro, to be concluded in late 2022 to replace the existing hospital with new and improved infrastructure including 20,000 m2 of facilities, operating rooms and 50 hospital beds, serving over 60,000 people. Both constructions submitted their Integral Services Contract among RIGA and the Caja de Seguro Social (CSS) (the “Integral Services Contract”), duly endorsed before the competent authorities. 

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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.

RIGA CONSTRUCTIONS - ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)

841.1 Kb

RIGA CONSTRUCTIONS - ENVIRONMENTAL AND SOCIAL ACTION PLAN (ESAP)

635.0 Kb

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Contact information

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Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

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POSITION

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PHONE NUMBER

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EMAIL

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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