Bandelta Sr. Loan II (IFC-38805)

Regions
  • Latin America and Caribbean
Where the impacts of the investment may be experienced.
Countries
  • Panama
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
Approved
Bank Risk Rating
FI
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
Jan 18, 2017
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
Banco Delta S.A.
The holder of the loan, grant, or other investment.
Sectors
  • Finance
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)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 18, 2018

Disclosed by Bank Nov 22, 2016


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Project Description

According to IFC website, the project consists of a proposed loan of up to US$10 million to Banco Delta S.A. The loan will be used to finance the growth of the microfinance and small enterprise portfolio of the Bank. Further, IFC's loan will help increase financing available to micro and small companies in Panama and stimulate the growth of these businesses. This will contribute to the creation of new jobs in the micro and small sector, which typicall provide the majority of employment opportunities in developing countries. Through this loan, IFC will support the transition of micro and small enterprises to the formal sector, as the ability to access credit is one of the main incentives to become formal.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

Grupo Financiero Delta S.A. owns 97.44% of Banco Delta S.A., with the remaining owned by Corporación Andina de Fomento. Grupo Bandelta Holding Corp. owns 100% of Grupo Financiero Bandelta S.A. and Overseas Americas Reinsurance (OAR) Ltd. OAR and the Bank are the two operating companies in the group. Grupo Bandelta Holding Corp. is listed on the Panamanian stock exchange.

Contact Information

Project Contact: Juan Lavergne
Vicepresidente de Finanzas y Tesorería, Banco Delta, S.A.
Telephone No.: (507) 340-0083
Fax No.: (507) 340-0019

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/