Banco La Hipotecaria, S.A. is a privately owned Panama based bank that focuses on the financing of the residential housing mortgage segment in Panama and through subsidiaries in El Salvador and Colombia. As of June 2020, the bank has consolidated total assets of USD 925 million and its mortgage portfolio was distributed 74% in Panama, 16% in El Salvador and 10% in Colombia. Banco La Hipotecaria, S.A. and its subsidiary in El Salvador, La Hipotecaria S.A. de C.V. will both be borrowers of the facility.
This facility will be directed to the financing of affordable housing mortgages in Panama and El Salvador, targeting borrowers of middle and middle-low income, a segment that is underserved, supporting economic growth and reducing inequalities.
The Clients have been categorised as Category C in accordance with FMO's Sustainability Policy. The Clients' activities are deemed to have minimal or no adverse environmental and social risks and/or impacts. As part of the transaction, La Hipotecaria will continue to comply with Panamanian and Salvadorian E&S laws and regulations.
ACCESS TO INFORMATION
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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