Itau Arg CL (IFC-40916)

Countries
  • Argentina
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
Proposed
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
Apr 25, 2018
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 ITAU ARGENTINA 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.
Ring Fence
  • Small & Medium Enterprises
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank, sometimes for a specific lending purpose. A "ring fence" is another name for this specific purpose. These funds are then used for lending by the financial intermediary to client companies or individuals.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 50.00 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)
$ 50.00 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 Apr 27, 2018

Disclosed by Bank Mar 23, 2018


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Project Description

The bank affirms that the proposed investment (the "Project") consists of a debt facility for up to US$50 million to expand Banco Itau Argentina S.A. ("Itau Argentina" or the "Bank") small and medium enterprises ("SMEs") lending program (up to US$15 million, with a 5-year tenor), and its sustainable energy finance (“SEF”) portfolio (up to US$35 million, with a 7-year tenor) in Argentina (the “Country”).

Investment Description
Financial Intermediary
Financial Intermediary: A commercial bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actor Relationship

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

Private Actors Description

Itau Argentina, a fully-owned subsidiary of Itau Unibanco Holding, started its operations in 1979 and currently is a medium-size bank, holding a 1.4% market share, offering a wide range of products and services to individuals, SMEs, and large corporations.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Itaú Unibanco Holding S.A. Parent Company -
Alupar Investimento Parent Company Energy owns Caminho do Cafe Transmission Line (288KM) Client Energy
Apollo Global Management Parent Company Energy owns Caminho do Cafe Transmission Line (288KM) Client Energy
Canada Pension Plan Investment Board Parent Company Energy owns Porto Primavera Hydroelectric Power Plant (1540MW) Refinancing 2020 Client Energy
Capex Parent Company Energy owns Capex Argentina Bond Facility 2017 Client Energy
Cargill Inc Parent Company Agriculture and Forestry owns SJC Bioenergia SA Client Agriculture and Forestry
CEA Centrais Eolicas Assurua Parent Company Energy owns Xique Xique 2 Wind Farm Power Client Energy
Celeo Redes Parent Company Energy owns Brilhante Transmissora de Energia Bond Facility Client Energy
Cobra Instalaciones y Servicios Parent Company Energy owns Brilhante Transmissora de Energia Bond Facility Client Energy
Companhia de Transmissao de Energia Eletrica Paulista Parent Company Energy owns Companhia de Transmissao de Energia Eletrica Paulista Bond Facility Client Energy
ContourGlobal LP Parent Company Energy owns Ventos De Santa Joana Ix-Xvi Client Energy
Eletrobras Parent Company Energy owns Eletrobras Bond Facility 2020 Client Energy
Enel SpA Parent Company Energy owns Ampla Energia e Servicos SA Client Energy
Energest Parent Company Energy owns Energest Additional Facility Client Energy
ENEVA Parent Company Energy owns Eneva Additional Facility II 2020 Client Energy
Evoltz Parent Company Energy owns Norte Brasil Transmissora de Energia Refinancing Client Energy
Gas Natural Sdg SA Parent Company Energy owns Sertao I Solar Energy Plant Client Energy
Gas Natural Sdg SA Parent Company Energy owns Sobral I Solar Energy Plant Client Energy
Grupo Argos SA Parent Company Construction owns Argos N America Corp Client Construction
Grupo Argos SA Parent Company Energy owns Celsia SA ESP Client Energy
Grupo Argos SA Parent Company Energy owns EPSA Client Energy
Inversiones Corso Parent Company Energy owns Termotasajero Coal Power Plant Unit 2 (161.6MW) Refinancing Client Energy
Itaú Unibanco Investor Finance invests in Adecoagro SA Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Adecoagro SA Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in AES Argentina Parent Company Energy
Itaú Unibanco Investor Finance invests in AES Gener SA Parent Company Energy
Itaú Unibanco Investor Finance invests in AES Tiete Energia SA Parent Company Energy
Itaú Unibanco Investor Finance invests in Agricola del Chira SA Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Archer Daniels Midland Co Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Archer Daniels Midland Co Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Arcor SAIC Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Arcor SAIC Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Argos N America Corp Client Construction
Itaú Unibanco Investor Finance invests in Asociados Don Mario SA Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Asociados Don Mario SA Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Blau Farmaceutica SA Client Education and Health
Itaú Unibanco Investor Finance invests in Blau Farmaceutica SA Parent Company Education and Health
Itaú Unibanco Investor Finance invests in BRF SA Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in BRF SA Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Cargill Inc Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Cargill Inc Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Caterpillar Inc Parent Company Construction
Itaú Unibanco Investor Finance invests in Caterpillar Inc Client Construction
Itaú Unibanco Investor Finance invests in CBL Alimentos SA Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in CBL Alimentos SA Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in CEA Centrais Eolicas Assurua Parent Company Energy
Itaú Unibanco Investor Finance invests in Cemig Geracao e Transmissao SA Parent Company Energy
Itaú Unibanco Investor Finance invests in ContourGlobal LP Parent Company Energy
Itaú Unibanco Investor Finance invests in Copel Geracao e Transmissao SA Parent Company Energy
Itaú Unibanco Investor Finance invests in CTEEP-Companhia de Transmissao de Energia Eletrica Paulista Parent Company Energy
Itaú Unibanco Investor Finance invests in Enel SpA Parent Company Energy
Itaú Unibanco Investor Finance invests in Eolica Cabeco Vermelho SA Parent Company Energy
Itaú Unibanco Investor Finance invests in Eolica Pedra Rajada II SA Parent Company Energy
Itaú Unibanco Investor Finance invests in Eolica Pedra Rajada SA Parent Company Energy
Itaú Unibanco Investor Finance invests in EPM Parent Company Energy
Itaú Unibanco Investor Finance invests in Fideicomiso PA La Pintada Parent Company Energy
Itaú Unibanco Investor Finance invests in Gas Natural Sdg SA Parent Company Energy
Itaú Unibanco Investor Finance invests in Grupo Argos SA Parent Company Construction
Itaú Unibanco Investor Finance invests in Grupo Argos SA Parent Company Energy
Itaú Unibanco Investor Finance invests in InterCement Brasil SA Parent Company Construction
Itaú Unibanco Investor Finance invests in InterCement Brasil SA Client Construction
Itaú Unibanco Investor Finance invests in Klabin SA Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Klabin SA Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Minerva Luxembourg SA Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Minerva Luxembourg SA Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Molino Canuelas SACIFIA Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Molino Canuelas SACIFIA Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Nard Agro Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Nard Agro Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Palmas del Espino SA Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Petroquimica Comodoro Rivadavia SA Parent Company Construction
Itaú Unibanco Investor Finance invests in Petroquimica Comodoro Rivadavia SA Client Construction
Itaú Unibanco Investor Finance invests in Quickfood SA Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Quickfood SA Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Renova Energia SA Parent Company Energy
Itaú Unibanco Investor Finance invests in RHI AG Client Construction
Itaú Unibanco Investor Finance invests in RHI AG Parent Company Construction
Itaú Unibanco Investor Finance invests in Rio Corrente SA Parent Company Energy
Itaú Unibanco Investor Finance invests in Rio Energy Projetos De Energia Parent Company Energy
Itaú Unibanco Investor Finance invests in SJC Bioenergia SA Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Suzano Papel e Celulose SA Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Suzano Papel e Celulose SA Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Suzano Papel E Celulose Sa (Now 5k4053) Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Suzano Papel E Celulose Sa (Now 5k4053) Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Tereos SA Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Tereos SA Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Usina Ferrari Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Usina Ferrari Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Usina Itajobi Ltda Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Usina Itajobi Ltda Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Usina Santa Fe S/A Client Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Usina Santa Fe S/A Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Ventos de Estevao Hldg (VSE) Parent Company Energy
Itaú Unibanco Investor Finance invests in Vibra Agroindustrial SA Parent Company Agriculture and Forestry
Itaú Unibanco Investor Finance invests in Vibra Agroindustrial SA Client Agriculture and Forestry
Palmas del Espino SA Parent Company Agriculture and Forestry owns Agricola del Chira SA Client Agriculture and Forestry
Renova Energia SA Parent Company Energy owns Brasil PCH SA Client Energy
Rio Energy Projetos De Energia Parent Company Energy owns Copacabana Geracao E Client Energy
Ventos de Estevao Hldg (VSE) Parent Company Energy owns Ventos de Santo Estevao Client Energy
Votorantim Group Parent Company Energy owns Porto Primavera Hydroelectric Power Plant (1540MW) Refinancing 2020 Client Energy
YPF Energia Electrica Parent Company Energy owns YPF Energia Electrica Bond Facility Client Energy

Contact Information

For inquiries abotut this project, contact: 

Banco Itau Argentina S.A. 
Santiago Perrone 
Head International Finance Institutions 
54 11 52733513 
santiago.perrone@itaubba.com 
Tucuman 1, CABA, Argentina 
www.itau.com.ar 

 

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/