Promerica CR - Sustainable Bond Guarantee (IDBI-11866-03)

Countries
  • Costa Rica
Where the impacts of the investment may be experienced.
Financial Institutions
  • IDB Invest (IDBI)
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
FI
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
Feb 6, 2020
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
Banco Promerica de Costa Rica, S.A.
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 15.00 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)
$ 50.00 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 Mar 18, 2020

Disclosed by Bank Dec 17, 2019


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Project Description

According to IDB website, the proposed transaction consists of a Guarantee Program of up to US$15 million, to support a US$50 million Sustainable Bond issuance by Banco Promerica de Costa Rica, S.A. in the panaminian market, to be funded by IDB Invest. The IDB Invest's role will be to issue a Partial Credit Guarantee, for 30% of the total Sustainable Bond issuance, with the goal of improving the rating profile for the Promerica CR bond. 

Investment Description
  • IDB Invest (IDBI)
Private Actors
Contact Information

Client contact name: Michelle Espinach
Title: Sustainable Bank Manager
Phone number: +506 2505-7504
Email address:
mespinach@promerica.fi.cr

ACCOUNTABILITY MECHANISM OF IADB

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).