Company name
Banco Solidario S.A.
Project number
14015-01
FI-3 operations are those where the risk potential is considered low: the FI’s current or future portfolio consists of financial exposure to business activities that predominantly have minimal or no adverse environmental and social impacts.
E&S category
FI-3
Country
Ecuador
Sector
Financial Institutions
Status
In implementation
Disclosed date
06/16/2022
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
09/15/2022
Approval date
09/16/2022
Signed date
12/01/2022
Sponsoring entity
N/A
Investment Operations Department Contact
Portfolio Management Division
Investment type
Syndicated amount
USD $ 10,000,000
Financing amount
USD $ 30,000,000
Currency
USD
Project scope and objective
The project consists of supporting Banco Solidario in the issuance of a Social Bond of Gender and Inclusion for an amount of up to US$30 million. IDB Invest will act as investor with a subscription for a total amount of up to US$20 million. Another potential investor will participate with up to US$10 million. The proceeds of the Bond will be aimed at expanding the financing to: (i) women; (ii) silver economy; (iii) migrants; and (iv) unbanked microentrepreneurs increasing their productive investments and economic development.
Additionally, technical advisory will be provided to: (i) strengthen its value offer of non-financial and financial products and services; 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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Contact information
For inquiries, comments and information requests about the project
Request informationAlternatively, you may also use the following contact information :
Client Contact
eviteri@solidario.fin.ec
PHONE NUMBER
023-950-600
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 .
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.
SOCIAL BOND OF GENDER AND INCLUSION - 14015-01 - ESRS
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