PRODUBANCO (IIC-12117-01)

Regions
  • Latin America and Caribbean
Where the impacts of the investment may be experienced.
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.
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
May 1, 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
Banco de la Produccion, 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)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IIC website

Updated in EWS Sep 20, 2018

Disclosed by Bank Mar 29, 2018


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Project Description

The objective of this financing is to channel medium-term resources to Banco de la Producción S.A. to finance small and medium-sized enterprises (SMEs), as well as a green credit line for SMEs. SME investments will focus on energy efficiency and machine replacement mainly across six sectors: food and beverage, textiles, leather, manufacturing, and agribusiness.   

Investment Description
  • IDB Invest

The financing package consists of: (1) A senior unsecured loan of up to US$30 million, composed as follows: (i) US$12 million from IDB Invest; (ii) US$13 million from IDB; and (iii) US$5 million mobilized through a potential co-financing, to be financed by IDB Invest in its capacity as administrator of the Chinese Fund for Co-financing for Latin America and the Caribbean (the “Fund”). The term of the senior loans is up to five years with one-year of grace period; and (2) A potential subordinated loan of up to US$20 million is being considered. The subordinated loan consists of: (i) US$2 million (uncommitted) from IDB Invest and (ii) US$18 million from a B lender. 

Private Actors

Banco de la Producción S.A. Produbanco provides various banking products and services in Ecuador. The company offers checking and savings accounts; and credits for small and medium enterprises, credit cards, and automotive credit, as well as various investment products, import and export products, and bank guarantees.

Contact Information

Project Contact: María Isabel Rodríguez
International Banking Manager
Phone Number: +(593) 2299-9000 ext. 7307
E-mail Address:  rodriguezm@produbanco.com

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).