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
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FI-3

Country

Ecuador

Sector

Financial Institutions

Status

Proposed

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
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07/18/2022

Approval date

07/18/2022

Signed date

N/A

Sponsoring entity

N/A

Team leader

Mera Pacheco, Gabriela

Investment type

Syndicated amount

USD $ 10,000,000

Financing amount

USD $ 20,000,000

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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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

112.6 Kb

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Contact information

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Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Edison Viteri

POSITION

Finance Manager, CFO

PHONE NUMBER

023-950-600

EMAIL

eviteri@solidario.fin.ec

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