Naturgy Panama: Prestamo de Capital de Trabajo Covid-19 (IDBI-13111-01)

Countries
  • Panama
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
C
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 7, 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
Empresa de Distribucion Electrica Metro-Oeste, S.A. (EDEMET); y Empresa de Distribucion Electrica C
The holder of the loan, grant, or other investment.
Sectors
  • Energy
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)
$ 120.00 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)
$ 120.00 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 May 20, 2020

Disclosed by Bank May 19, 2020


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Project Description

The transaction consists of a 30-month senior loan  term in favor of Empresa de Distribución Eléctrica Metro-Oeste, S.A. ("EDEMET") and the Empresa de Distribución Eléctrica Chiriquí S.A. ("EDECHI"). EDEMET and EDECHI ("Naturgy Panama" or "Companies") have more than 600,000 residential customers and are responsible for 62.67% of the total energy sale in Panama.

According to the bank, the purpose of the Operation is to finance working capital to the Companies to compensate for the lack of liquidity generated by the deferral of the electric energy bill during the 4-month moratorium period approved by the Government of Panama (Law 152 of May 4 2020) to help end users affected by the economic crisis caused by the global Coronavirus pandemic (Covid-19). The beneficiaries of this Operation will be the end users served by the Companies.

Investment Description
  • IDB Invest (IDBI)

80 millions to EDEMET and 40 to EDECHI

Contact Information

Para preguntas acerca del Proyecto contactar favor contactar a Naturgy Panama:

Nombre: Cinthya Camargo Saavedra
Titulo: Secretaria de la Junta Directiva
Numero de telefono:+5073157632
Correo electronico:
ccamargo@naturgy.com

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).