Project Quetzal (IFC-49615)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Costa Rica
  • El Salvador
  • Honduras
  • Panama
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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
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
Nov 3, 2025
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
Holding Davivienda Internacional S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 150.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 5, 2026

Disclosed by Bank Dec 2, 2025

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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.

According to the Bank’s website, the proposed Project comprises an equity investment of up to US$150 million in Holding Davivienda Internacional S.A. (HDI), a subsidiary of Banco Davivienda S.A. (Davivienda, the Bank). HDI oversees Davivienda’s banking, insurance and brokerage operations in Costa Rica, El Salvador, Honduras, and Panama (the Countries). The capital raised through this investment will be used to complete the M&A transaction in which the Bank is acquiring Bank of Nova Scotia (Scotiabank)’s operations in Costa Rica and Panama, through a share exchange, thereby strengthening its presence in Central America. Through IFC's participation in HDI, Davivienda expects to consolidate its sustainable finance and insurance strategy in Central America through increased support to small and medium enterprises (SMEs), women-owned SMEs (WSMEs), and climate finance sub-projects, including those focused on climate adaptation. 

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The Project consists of an equity investment in the Company. The portfolio of the Company is exposed to high to medium E&S risk sectors including services, commerce, financial services, energy, industry, agribusinesses and construction. The key E&S risks and impacts derive from the subsidiaries’ capacity to identify, assess, and manage risks and impacts associated with the portfolio. These risks typically include occupational health and safety issues, labor and working conditions, child and forced labor, waste and wastewater management, land tenure, resource efficiency and pollution prevention, and impacts to vulnerable communities and biodiversity. The project has therefore been categorized as FI-1 according to the IFC's Sustainability Framework.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed Project comprises an equity investment of US$150 million in Holding Davivienda Internacional S.A, in order to support the Group’s sustainable finance and insurance strategy in Central America through increased support to SMEs, WSMEs, and climate finance sub-projects, including those focused on climate adaptation.

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.

Holding Davivienda Internacional S.A. (HDI) is a subsidiary of Banco Davivienda S.A. (Davivienda, the Bank). HDI oversees Davivienda’s banking, insurance and brokerage operations in Costa Rica, El Salvador, Honduras, and Panama

Davivienda Group is controlled by Grupo Bolivar, a well-known sponsor to IFC and Colombia's third largest financial conglomerate with investments in banking, insurance, housing construction and tourism. Cusezar, a Colombian group of private developers, is the second largest shareholder of the Group and Scotiabank, one of Canada’s largest banks, is the third largest shareholder. The remaining ownership is spread among other minority shareholders, including local pension funds and international investors.

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 S.A. Parent Company -
- - - - Bank of Nova Scotia Undisclosed -

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.

Banco Davivienda S.A.
Investor Relations
Investors Relations
57 601 220 3495
ir@davivienda.com
Carrera 13 No. 26-15
www.davivienda.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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