Financing of the blue economy and conservation of the mangrove mangrove system in Honduras (IADB-HO-L1241)

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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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."
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)
$ 3.10 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 @ IADB website

Updated in EWS Jul 14, 2024

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.

El objetivo del proyecto es facilitar el acceso al crédito a pequeños productores, MIPYMES y organizaciones de pesca-acuicultura, permitiéndoles aumentar el volumen de sus operaciones y hacerlas sostenibles. El mismo acceso al financiamiento también se utilizará para promover la adopción de buenas prácticas ambientales y de manejo sostenible que contribuyan a la conservación del ecosistema de manglares y la biodiversidad marina en las áreas del Atlántico y Pacífico de 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.

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.
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.

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.

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How it works