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

Countries
  • Panama
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
Hold
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
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
Jul 7, 2020
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
Empresa de Distribucion Electrica Metro-Oeste, S.A. (EDEMET); y Empresa de Distribucion Electrica C
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 120.00 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.
Project Cost (USD)
$ 120.00 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 Jun 26, 2021

Disclosed by Bank May 19, 2020

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

80 millions to EDEMET and 40 to EDECHI


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.

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).

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How it works