Davivienda CR GB (IFC-40189)

Countries
  • Costa Rica
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
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 10, 2019
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 Davivienda (Costa Rica) S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Ring Fence
  • Climate
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)
$ 60.00 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)
$ 60.00 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.
Media Documents
Campaign Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 12, 2021

Disclosed by Bank Nov 29, 2018

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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.

According to the bank, IFC will provide a loan of up to $60 million to Banco Davivienda (Costa Rica) S.A. (“Davivienda Costa Rica” or the “Bank”) to originate a pipeline of climate finance projects, including green buildings, lower carbon technologies and renewable energy projects that meet the green lending principles set out in the Green Bond Principles 2017.

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 Actor Relationship
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.

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.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Banco Davivienda Investor Finance invests in Acquisition of Petroelectrica de los llanos Transmission Line Client Energy
Banco Davivienda Investor Finance invests in Argos N America Corp Client Construction
Banco Davivienda Investor Finance invests in Autopista Conexion Pacifico 2 Parent Company Transport
Banco Davivienda Investor Finance invests in Bank of Nova Scotia Parent Company Energy
Banco Davivienda Investor Finance invests in Bosques De Los Llanos Solar Client Energy
Banco Davivienda Investor Finance invests in Canacol Energy Parent Company Mining
Banco Davivienda Investor Finance invests in Canacol Energy Corporate Facility 2017 Client Mining
Banco Davivienda Investor Finance invests in Colpatria Parent Company Transport
Banco Davivienda Investor Finance invests in Edemsa Parent Company Energy
Banco Davivienda Investor Finance invests in El Morro and Termoyopal Power Plants Expansion Client Energy
Banco Davivienda Investor Finance invests in Frontera Energy Corp Parent Company Energy
Banco Davivienda Investor Finance invests in Girardot-Ibague-Cajamarca 4g Client Transport
Banco Davivienda Investor Finance invests in Girardot-Ibague-Cajamarca Highway (35KM) PPP Client Transport
Banco Davivienda Investor Finance invests in Grupo Argos SA Parent Company Construction
Banco Davivienda Investor Finance invests in HB Estructuras Metálicas Parent Company Transport
Banco Davivienda Investor Finance invests in Latinoamericana de Construcciones Parent Company Transport
Banco Davivienda Investor Finance invests in Mincivil Parent Company Transport
Banco Davivienda Investor Finance invests in Mincivil SA Parent Company Transport
Banco Davivienda Investor Finance invests in Petroelectrica de los Llanos S Client Energy
Banco Davivienda Investor Finance invests in Procaps SA Parent Company Education and Health
Banco Davivienda Investor Finance invests in Termotecnica Coindustrial Parent Company Transport
Banco Davivienda Investor Finance invests in Termoyopal Parent Company Energy
Banco Davivienda Investor Finance invests in Termoyopal-El Morro Power Client Energy
Banco Davivienda Investor Finance invests in Trina Solar Co Ltd Parent Company Energy
Bank of Nova Scotia Parent Company Energy owns Termoyopal-El Morro Power Client Energy
Canacol Energy Parent Company Mining owns Canacol Energy Corporate Facility 2017 Client Mining
Colpatria Parent Company Transport owns Girardot-Ibague-Cajamarca Highway (35KM) PPP Client Transport
Edemsa Parent Company Energy owns Acquisition of Petroelectrica de los llanos Transmission Line Client Energy
Frontera Energy Corp Parent Company Energy owns Petroelectrica de los Llanos S Client Energy
Grupo Argos SA Parent Company Construction owns Argos N America Corp Client Construction
Mincivil SA Parent Company Transport owns Girardot-Ibague-Cajamarca 4g Client Transport
Termoyopal Parent Company Energy owns El Morro and Termoyopal Power Plants Expansion Client Energy
Trina Solar Co Ltd Parent Company Energy owns Bosques De Los Llanos Solar Client Energy

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.

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