Original disclosure @ IFC website
Updated in EWS Apr 5, 2019
Disclosed by Bank Mar 26, 2019
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The proposed investment consists of a senior loan to Banco Continental S.A.E.C.A (Continental or the Bank) for up to US$100 million to finance small and medium enterprises (SMEs) and agribusiness companies in Paraguay (the Project).
The Project will contribute to close the finance gap for SMEs and agribusiness companies in Paraguay, leveraging the Bank's operational capacity to lend in these segments. In addition, IFC anticipates that the Project will have economy-wide effects by promoting job creation in the SME and agribusiness sectors.
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.
Continental is headquartered in Asuncion, Paraguay, and has 69 branch offices across the country.
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/