Early Warning System

Countries

Suriname

Geographic location 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

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Dec 10, 2019

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

FinaBank N.V.

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Finance

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Equity

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 3.00 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Primary Source

Original disclosure @ IDBI website

Updated in EWS Oct 26, 2019

Disclosed by Bank Oct 3, 2019

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

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The project's main objective is to support the growth of Finabank's loan portfolio in Suriname by strengthening its capital. The idea is to consolidate a financial institution in the Caribbean that can facilitate loan access for private companies in an environment where financial options are limited, especially for medium-and long-term needs.

Established in 1991, Finabank operates in several areas of the commercial and retail banking sector, offering a wide range of products and financial services. Finabank's main focus has been to stay actively involved in client needs and offer customized financial services and products in order to create long-lasting partnerships.

People Affected By This Project

People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

No.

TASK

ACTION

DELIVERABLE

COMPLETION DATE

Implement IDB Invest's exclusion list

Ensure the inclusion of all activities on IDB Invest's exclusion list to the Finabank's exclusion list.

Updated exclusion list.

Prior to financial closure (sign credit agreement).

Strengthen existing policies

Together with an independent consultant, develop an Environmental and Social Management System (ESMS) that follows IFC's Performance Standard 1 guidelines. These should include: i) Environmental and social policy, ii) Internal organizational capacity, iii) Environmental and due diligence processes/procedures in identifying risks and impacts, iv) Portfolio monitoring and supervision, v) External communication procedure.

Environmental and Social Management System (ESMS). Proof of personnel training.

9 months after financial closure.

Capacity building and training

Together with an independent consultant, train personnel responsible for implementing the ESMS on ESA requirements of national laws and the implementation of IFC's performance standards (PS). Ensure that all new personnel receive the same training.

ESA training certificate for the personnel responsible for implementing the ESMS, as well as proof of ESA training for new personnel.

12 months after financial closure. And every time new personnel responsible for implementing the ESMS is incorporated.

Strengthen internal grievance procedure

Strengthen the current procedure by including the following aspects: i) record grievances, ii) assess the issues discussed and determine how to address them, iii) provide, document and monitor responses, iv) supplement the ESMS as required.

The grievance procedure must be disclosed to all employees, including indirect employees, in a clear and comprehensive manner.

Internal Grievance Mechanism. Evidence of internal socialization.

3 months after financial closure.

6. Contact Information.For project inquiries, including environmental and social questions related to an IDB Invest transaction please contact the client (seeInvestment Summarytab), or IDB Invest using the emaildivulgacionpublica@iadb.org. As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing tomecanismo@iadb.orgorMICI@iadb.org, or calling +1(202) 623-3952.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

IDB Invest (IDBI)

Financial Intermediary

A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.

FinaBank N.V. (Financial Intermediary)

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

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).

Contact Name: Eblein Frangie
Title: Chief Executive Officer
Telephone:(597)472266 ext. 1300
Email:
eblein.frangie@FinabankNV.com