The bank affirms that the proposed project (the “Project”) entails an IFC investment of up to US$100 million in a 7-year green bond to be issued by Banco de Galicia y Buenos Aires S.A. (“Galicia” or the "Bank"). The green bond proceeds will be used to finance sustainable energy finance (“SEF”) sub-projects in Argentina (the “Country”).

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.

The Bank is wholly owned by Grupo Financiero Galicia S.A. (“Grupo Galicia”), one of Argentina’s main financial services conglomerates. Grupo Galicia is controlled by the Escasany, Ayerza and Braun families, who collectively hold 27.9% of Grupo Galicia’s economic capital and 59.7% of the voting rights, both directly and through EBA Holding S.A. Following the re-nationalization of pension funds in 2008, the Argentine public pension fund administrator (ANSES) holds a 18.5% stake in Grupo Galicia (with 10.4% of the voting rights). The remaining 53.6% is listed on the Buenos Aires Stock Exchange and on the NASDAQ.

For more information about this project, contact: 

Company                       Banco de Galicia y Buenos Aires S.A.
Point of Contact            Carlos Lopez
Title                               Senior Vice President Financial Institutions
Telephone Number       +54 11 63296133
Email                            carlos.e.lopez@bancogalicia.com.ar
Mailing Address           Tte. Gral. Juan D. Perón 430, Buenos Aires, Argentina
Website                         http://www.bancogalicia.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/