BG Housing (IFC-42008)

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
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
Jun 7, 2019
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 GENERAL S.A.
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Energy
  • 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)
$ 200.00 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)
$ 200.00 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 May 8, 2019

Disclosed by Bank May 6, 2019


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

The proposed project consists of a senior loan of up to US$200 million to Banco General, S.A. (the “Bank”) to be used to finance on-lending activity in Panama’s low and middle income mortgage sector and financing of climate smart sub-projects in solar power generation, green buildings and energy efficiency.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

Banco General is incorporated under the law of Panama and started operations in 1955. The Bank operates under the general license of the Superintendence of Panama, which allows it to carry out its business in Panama and overseas. Banco General's subsidiaries include: Finanzas Generales, S. A., B.G. Investment Co., Inc., General de Seguros, S. A., Overseas Capital Markets, Inc., BG Valores, S. A., Banco General (Costa Rica), S. A., Vale General S.A. and Profuturo Administradora de Fondos de Pensiones Y Cesantias, S.A. In addition, the Bank has representative offices in Mexico, Guatemala, El Salvador, Peru and Colombia.

Contact Information

For inquires about the project, contact: Banco General, S.A. 
Eugenia de Jimenez 
VP Treasury and Investments 
+507 303-7000 

Torre Banco General, Aquilino De La Guardia Street 
www.bgeneral.com 

For inquires about IFC: General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

 

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/