This project provides a loan to Banco Pichincha. The money from the loan will be used for "climate smart projects" and investments into medium and small businesses.
The development impact of the project is expected to be high, as it will enhance the Bank''s ability to support projects which ultimately have a direct impact on reducing greenhouse gas emissions, while stimulating growth, employment generation and poverty reduction.
IFC''s term loan will also enhance Banco Pichincha''s ability to support small and medium-sized enterprises which will in turn stimulate economic growth, while also increasing outreach and financial inclusion in Ecuador.
Banco Pichincha should be able to increase its sustainability by increasing its cross-selling potential and capturing new clients, ultimately increasing the Bank''s profitability.
IFC will continue to implement and enhance international best practices in environmental policies, strengthening the Bank''s environmental management system.
Banco Pichincha is the head of Pichincha Group and the main shareholder of most of the Group’s companies, which provides financial services to individuals and businesses through a wide range of banking products, including mortgage loans and micro-enterprise loans in Ecuador and abroad.
Banco Pichincha is ultimately controlled by Mr. Fidel Egas Grijalva, a well-regarded lawyer and businessman.
Mr. Santiago Bayas
Av. Amazonas 4545 y Pereira
Edificio Centro Financiero oficina No. 507
Tel: +593-2 298 0980
ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/