ISCH III (IFC-38164)

Countries
  • El Salvador
  • Honduras
  • Nicaragua
Geographic location 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
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
Oct 17, 2016
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
INTERNATIONAL SHOPPING CENTERS HOLDINGS, INC-ISC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
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)
$ 47.00 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)
$ 47.00 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 @ IFC website

Updated in EWS Aug 8, 2017

Disclosed by Bank Jun 29, 2016

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

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How it works