Pichincha ECU II (IFC-37502)

Countries
  • Ecuador
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
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
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
Jan 29, 2016
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 Pichincha CA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Climate and Environment
  • Construction
  • 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, guarantee, technical assistance, advisory services, equity and fund.
Project Cost (USD)
$ 40.00 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.
Currency conversion note:
Bank reported
Converted using 2016-01-29 exchange rate.
Campaign Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 1, 2018

Disclosed by Bank Dec 11, 2015

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

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.

This project provides a loan to Banco Pichincha. The money from the loan will be used for "climate smart projects" and investments into medium and small businesses.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

The development impact of the project is expected to be high, as it will enhance the Bank''s ability to support projects which ultimately have a direct impact on reducing greenhouse gas emissions, while stimulating growth, employment generation and poverty reduction.

IFC''s term loan will also enhance Banco Pichincha''s ability to support small and medium-sized enterprises which will in turn stimulate economic growth, while also increasing outreach and financial inclusion in Ecuador.

Banco Pichincha should be able to increase its sustainability by increasing its cross-selling potential and capturing new clients, ultimately increasing the Bank''s profitability.

IFC will continue to implement and enhance international best practices in environmental policies, strengthening the Bank''s environmental management system.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Banco Pichincha is the head of Pichincha Group and the main shareholder of most of the Group’s companies, which provides financial services to individuals and businesses through a wide range of banking products, including mortgage loans and micro-enterprise loans in Ecuador and abroad.

Banco Pichincha is ultimately controlled by Mr. Fidel Egas Grijalva, a well-regarded lawyer and businessman.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Mr. Santiago Bayas
Banco Pichincha
Av. Amazonas 4545 y Pereira
Edificio Centro Financiero oficina No. 507
Quito, Ecuador
Tel: +593-2 298 0980
Web: http://www.pichincha.com

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/

How it works

How it works