BI COVID 19 WCS (IFC-46242)

Countries
  • Guatemala
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Nov 4, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
BANCO INDUSTRIAL SA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Ring Fence
  • Trade Finance
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 14, 2022

Disclosed by Bank Oct 3, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

 The proposed investment consists of a one-year, renewable senior loan of up to US$100 million to Banco Industrial S.A (Banco Industrial or the Bank) under the FIG COVID-19 Emergency Response WCS Envelope (WCS Envelope). The WCS Envelope is designed to provide funding to existing IFC client banks in emerging markets that will then extend new trade-related or working capital loans to companies whose cash flows have been disrupted by the global outbreak of the coronavirus pandemic. Banco Industrial is a potential partner for IFC across Central America, given that is the largest bank in Guatemala, and through this project IFC will strengthen its portfolio of small and medium enterprises (SMEs) and  women-owned SMEs (WSMEs). IFC’s investment will deliver working capital support targeted to SMEs, with a minimum [20%] of the proceeds used to finance WSMEs that are impacted by the crisis (the “Project”).                                               

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
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ACCOUNTABILITY MECHANISM OF IFC/MIGA

El Ombudsman del Asesor de Cumplimiento (CAO, por sus siglas en inglés) es el mecanismo de denuncia independiente y el organismo de investigación para las personas que creen que es probable que se vean o hayan sido afectadas negativamente por un proyecto financiado por la IFC o MIGA. Si presenta una queja ante la CAO, pueden ayudarlo a resolver una disputa con la empresa y/o investigar para evaluar si la IFC está siguiendo sus propias políticas y procedimientos para prevenir daños a las personas o al medio ambiente. Si desea presentar una queja electrónicamente, puede enviar un correo electrónico a la CAO a CAO@worldbankgroup.org. Puede obtener más información sobre la CAO y cómo presentar una queja en http://www.cao-ombudsman.org

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