This project subscribes to notes issued by Banco Industrial, the proceeds of which will be used to expand Banco Industrial's residential mortgage portfolio for low and middle-income segments, as well as to finance micro, small and medium enterprises (MSMEs) in the productive sector of Guatemala.
The bank has rated this project as FI-2, which corresponds to medium risk or a B rating.
According to the IIC, there may be moderate to significant indirect environmental, social, health, safety, and labor impacts. Banco Industrial's microfinance portfolio is concentrated mainly in commerce (62.8%), commercial real state (10.1%), manufacturing industries (9.6%), transportation and storage (7.4%) and community, social and personal services (6.0%) economic sectors, which present risks in the form of possible air, water and soil contamination, noise and vibration, and labor impacts.
The Inter-American Development Bank Group will purchase US$100 million of the notes issued with a tenor (holding period) of 11 years. The total value of the notes issued by Banco Industrial is around US$300 million.
Luis Jorge Sifontes
Title: Subgerente Corresponsalia y Financiamiento del Exterior
Phone number: +(502) 2331-6234
E-mail address: firstname.lastname@example.org
ACCOUNTABILITY MECHANISM OF IIC
The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).