Scotiabank Let's SME - Digital Services for SMEs (IDBI-12604-01)

Countries
  • El Salvador
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
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
Jul 25, 2019
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
Scotiabank El Salvador, 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)
$ 27.50 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)
$ 37.50 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 Jun 10, 2019

Disclosed by Bank Jun 6, 2019


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Project Description

The proposed transaction consists of a senior unsecured loan for Scotiabank El Salvador, S.A. (Scotiabank) for up to US$37.5 million. The loan package consists of an unsecured senior loan for up to US$37.5 million, including: (i) US$15 million from IDB Invest; (ii) US$10 million from IDB; and (iii) US$12.5 million mobilized through possible co-financing to be financed by IDB Invest in its capacity as administrator of the China Co-financing Fund for Latin America and the Caribbean (the "Fund"). IDB Lab will, in turn, provide technical advisory services on the design and implementation of an SME digital platform called "Let's SME" that seeks to provide digital financial services to Scotiabank's SME clients.

People Affected By This Project

 

 

Investment Description
  • IDB Invest

Includes financing from China Co-financing Fund for Latin America and the Caribbean 

Private Actors
Contact Information

Name of client contact: Ana Marcela Trabanino
Position: Director of Treasury
Telephone: (503) 2234-4516
E-mail:
Ana.Trabanino@scotiabank.com.sv

 

ACCOUNTABILITY MECHANISM OF IDB Invest

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).