ECOGAL (IDBI-11606-01)

Countries
  • Ecuador
Where the impacts of the investment may be experienced.
Financial Institutions
  • IDB Invest
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Sep 27, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Aeropuertos Ecologicos de Galapagos, S.A.
The holder of the loan, grant, or other investment.
Sectors
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IDBI website

Updated in EWS Nov 23, 2018


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to the bank, the proposed financing is a senior loan in favor of Ecogal of up to US$22.3 million consisting of an IDB Invest A Loan of up to US$5.0 million and B-Loans of up to US$17.3 million. The funds will be allocated to: (i) finance up to 50% of the Capex Plan (US$5.0 million); (ii) the redemption of the outstanding balance of the bonds issued by the Company in the local market (up to US$6.5 million); (iii) pay closing expense and funding of a 6-month Debt Service Reserve Account (US$2.8 million); and (iv) payment of accrued but unpaid management fees and accrued but unpaid interest of shareholder subordinated loans (US$8.0 million).

People Affected By This Project

[]

Investment Description
  • IDB Invest
Private Actors
Contact Information

For inquiries about the Project, contact:
Client Contact name: Jorge Rosillo
Title: Manager, Ecuador
Phone number: 593 4 2 169091
email address:
jorge.rosillo@corporacionamerica.com.ar