ISCH III (IFC-38164)

  • El Salvador
  • Honduras
  • Nicaragua
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
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
Oct 17, 2016
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.
The holder of the loan, grant, or other investment.
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 47.00 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)
$ 47.00 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 @ IFC website

Updated in EWS Aug 8, 2017

Disclosed by Bank Jun 29, 2016

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Project Description
From the IFC: The project will finance the International Shopping Center Holdings' subsidiaries (ISCH) to finance the expansion and refurbishment of shopping malls in El Salvador, Nicaragua, and Honduras. ISCH is a subsidiary of Grupo Roble, which is part of Grupo Poma, one of the largest commercial and industrial groups in the Americas, with operations in Central America, the Caribbean, South America and the United States. Grupo Roble participates in the real estate industry through its development of mixed-use complexes such as shopping centers under the Multiplaza and Metrocentro brands, office spaces, hotels, entertainment areas and housing projects. This is a category B project according to IFC’s Policy on Environmental and Social Sustainability because a limited number of specific environmental and social impacts may result that can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria as is described in the following sections. Specific key environmental and social issues reviewed include: (i) client’s corporate environmental and social management capacity to operate in a manner consistent with IFC Performance Standards; (ii) working conditions for employees during construction activities; (iii) occupational health and safety (OHS); (iv) efficient use of energy and water; (v) wastewater management; (vi) structural, and life and fire safety (L&FS); (vii) management of armed security personnel; and (viii) EHS management in construction.
Investment Description
The project comprises a US$47 million facility to International Shopping Center Holdings’ subsidiaries. The project is expected to include A loans to three ISCH's subsidiaries: (i) up to US$ 22 million to Metrocentro, S.A. de C.V. for the expansion of Metrocentro Santa Ana, El Salvador, by an additional gross leasable area (GLA) of 12,823 m2 to the existing 13,962 m2; (ii) up to US$15 million to Metrocentro, S.A. for the expansion of Metrocentro Managua, Nicaragua, by an additional gross leasable area (GLA) of 6,011 m2 to the existing 24,786 m2; and (iii) and up to US$10 million to Multiplaza, S.A. de C.V. for the remodeling of Multiplaza Tegucigalpa, Honduras. IFC has already provided financing to Grupo Poma through the following projects: Multiplaza (project nr.8620), Metrocentro S.A. de C.V. (project nr. 21505), ISCH (project nr.24375), and Grupo Poma 2009 (project nr.28463).

Contact Information
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