Internac Loan II (IFC-41844)

Countries
  • Ecuador
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
Dec 17, 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 Internacional 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)
$ 40.00 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)
$ 40.00 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 Nov 23, 2018

Disclosed by Bank Nov 15, 2018


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Project Description

The proposed IFC investment consists on a senior loan for Banco Internacional (“Internacional” or the “Bank”), to support the expansion of the Bank’s portfolio to small and medium enterprises (“SMEs”), including women-owned SMEs.

In parallel, the team will offer an advisory project consisting of a diagnostic and recommendations to strengthen the women segment as a business opportunity by defining a strategy to add value to the Bank’s women-owned SMEs.

People Affected By This Project

The development impact of the project is expected to be high. The most significant, expected project-level impacts are derived from: (i) increase access to finance to SMEs in Ecuador, which will in turn stimulate growth, employment generation and poverty reduction; and (ii) improve access to finance for women owned SMEs, underserved and vulnerable segment in Ecuador. The Bank is expected to leverage on IFC's experience and track record in the SME and women owned segments.

Beyond the project-level impact, IFC anticipates that the project will create a demonstration effect for other financial institutions in Ecuador in terms of supporting women business.

Investment Description
  • International Finance Corporation (IFC)
Private Actors
  • Banco Internacional, S.A. -- Financial Intermediary
Contact Information

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/