The USD 15 million subordinated facility will support Produbanco to strengthen its balance sheet. The USD 15 million senior loan will be used by the bank to on-lend to green projects, ranging from renewable energy solutions (i.e. solar panels) to energy efficiency projects in a broad range of sectors.
Given its strong market position and portfolio quality, its high quality management team and its strong regional shareholder, Produbanco is an attractive partner for FMO to channel much needed liquidity into the productive sector in Ecuador. In the current macroeconomic situation in the country, providing up to 6-year to 8-year financing is highly additional. Through the senior loan, FMO contributes to its strategic goal of halving its footprint, as the projects financed with the proceeds of the loan will have a positive effect on the environment.
Banco de la Produccion S.A. - Produbanco (Produbanco) is a universal bank in Ecuador, owned by the Promerica financial group, a long standing client of FMO. Produbanco is the third largest bank in Ecuador with Total Assets amounting to USD 4.0 billion.
No contact information provided at the time of disclosure.
ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism