This loan will be earmarked for financing of female MSMEs to support reducing inequalities and gender equality.
FMO proposes to arrange a syndicated facility and takes USD 20 mln for its own account. The facility will be subordinated such that it qualifies as Tier 2 capital for Banco Pichincha regulatory capital. The proceeds of the loan will further be earmarked to finance women-owned SMEs.
Banco Pichincha C.A. is Ecuador’s largest bank with more than 100-year old history. It accounts for 28.4% of the banking system’s assets in 2017. Pichincha has a diverse business model but is mainly retail driven. The bank has a stable and diversified deposit funding base. The group has presence in four countries, including Ecuador, the U.S. (a branch in Miami), Colombia and Spain. Pichincha has been an anchor FMO client in Ecuador since 2011.
No contact information provided at the time of disclosure.
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