Company name

St. Georges Bank

Project number

14095-01

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

Panama

Sector

Financial Institutions

Status

Proposed

Disclosed date

07/19/2022

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

Projected board date
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09/15/2022

Approval date

09/15/2022

Signed date

10/13/2022

Sponsoring entity

N/A

Team leader

Vargas Castro, Pablo

Investment type

Syndicated amount

USD $ 12,000,000

Financing amount

USD $ 10,000,000

Currency

USD

Project scope and objective

The financing consists in an unsecured subordinated loan of up to US$20 million (the “Project” or the “Subordinated Loan”) to be granted to St. Georges Bank & Company Inc. (the “Bank”) for a term of up to 10 years, including a grace period of five years. A total of 50% of the financing will be funded by IDB Invest and the remaining portion will be covered by one or more external participants (“Loan B”). The financing goals are: (i) strengthening the Bank’s capital; (ii) providing access to long-term financing enabling adequate assets and liabilities positions; and (iii) supporting the Bank in developing, financing and expanding its green portfolio, as well as its sustainable product strategy.

To achieve the goals above, the transaction considers including a Technical Advisory Services (“TA”) component seeking to strengthen the Bank’s skills and knowledge to serve the target segment. These TA aims at providing continuity to the process begun with the Bank regarding its sustainability policies and involvement in the green market.  

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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.

ST GEORGES BANK - SUBORDINATED LOAN -14095-01-ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)

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Contact information

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Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Viviana Moreno

POSITION

VP of Foreign Trade and Correspondent Banking

PHONE NUMBER

322-2022 Ext: 27300

EMAIL

vmoreno@stgeorgesbank.com

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