Early Warning System

Regions

Latin America and Caribbean

Geographic location where the impacts of the investment may be experienced.

Countries

Honduras

Geographic location where the impacts of the investment may be experienced.

Specific Location

Honduras

Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.

Financial Institutions

Inter-American Development Bank (IADB)

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

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

Aug 3, 2023

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

Cooperativa de Ahorro y Credito Chorotega

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Agriculture and Forestry

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.

Investment Amount (USD)

$ 1.75 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.

Loan Amount (USD)

$ 1.75 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)

$ 1.75 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.

Bank Documents

Primary Source

Original disclosure @ IADB website

Updated in EWS May 22, 2025

Disclosed by Bank Mar 8, 2023

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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 IADB, the purpose of the project is to facilitate access to credit for small producers, MSMEs and fishery-aquaculture organizations, enabling them to increase the volume of their operations and make them sustainable. The same access to financing will also be used to promote the adoption of good environmental practices and sustainable management that contribute to the conservation of the mangrove ecosystem and marine biodiversity in the Atlantic and Pacific areas of Honduras.

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 IADB categorized the project E&S risk as 'FI-2'.

Investment Description

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

Inter-American Development Bank (IADB)

The financing gap will be filled by the Government of Honduras.

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.

Cooperativa de Ahorro y Credito Chorotega (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.

As stated on the company's website, on May 30, 1965, with the inspiring leadership and vision of a group of 16 entrepreneurs, Cooperativa Chorotega was founded in the city of Choluteca, with the intention of offering financial services in solidarity to the classes less favored by the system. Gradually, the successful model attracted more members.

Unifying a deep cooperative conviction with a dynamic entrepreneurial sense, Chorotega was expanding its services, its territory and its social base, until today it is one of the largest cooperatives in Honduras with:

Total Assets: 5,429,122,580.52 million;
Total Affiliates: 143,993;
Total portfolio: 4,684,876,850.32 million; and
Total Savings: 3,767,868,440.09 million.

Cooperativa Chorotega currently has 23 service points and 22 Chorotega Agents nationwide, covering the departments of Choluteca and Valle, in the Southern Zone; Tegucigalpa and Comayagua, in the central zone; San Pedro Sula and Choloma in Cortés; the city of El Progreso, Yoro; La Ceiba, Atlántida and Santa Rosa de Copán, in the western zone of the country.

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.

No contacts available at the time of disclosure

MECANISMO DE RENDICIÓN DE CUENTAS DEL BID

El Mecanismo Independiente de Consulta e Investigación (MICI) es el mecanismo de denuncia independiente y el organismo de investigación para las personas que han sido o pueden verse afectadas negativamente por un Banco Interamericano de Desarrollo (BID) o la Corporación Interamericana de Inversiones (CII) -proyecto financiado. Si presenta una queja ante el MICI, es posible que lo ayuden a abordar los problemas que planteó a través de un proceso de resolución de disputas con quienes implementan el proyecto y/o mediante una investigación para evaluar si el BID o la CII están siguiendo sus propias políticas para prevenir o mitigar el daño a las personas o al medio ambiente. Puede presentar una queja enviando un correo electrónico a MICI@iadb.org. Puede conocer más sobre el MICI y cómo presentar una denuncia en http://www.iadb.org/en/mici/mici,1752.html (en inglés) o http://www.iadb.org/es/ mici/ micrófono, 1752.