Project detail - BANCO SOLIDARIO S.A.

BANCO SOLIDARIO S.A.

Status: Approved investment
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Disclaimer

The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Banco Solidario S.A. (Solidario) is one of the largest regulated microfinance banks in Ecuador. Solidario aims to contribute to the development and quality of life of micro-entrepreneurs and salaried workers, through financial products and services specifically adapted to their needs.

What is our funding objective?

FMO’s loan of USD 10 mln is dedicated to financing women-owned micro-enterprises, hereby contributing to reducing inequalities (SDG 10) and fostering gender equality (SDG 5).

Why do we fund this investment?

Banco Solidario plays an important role in financial inclusion and development in Ecuador and is aligned with FMO’s mission. Furthermore, FMO brings additionality by providing scarce long-term financing and injecting liquidity to a dollarized economy with limited access to international funding.

What is the Environmental and Social categorization rationale?

Banco Solidario has been categorized as category C in accordance with FMO's sustainability policy.

More investments

Date Total FMO financing
6/17/2021 USD 20.00 MLN
12/18/2019 EUR 0.06 MLN
Website customer/investment
https://www.banco-solidario.com/
Region
Latin America & The Caribbean
Country
Ecuador
Sector
Financial Institutions
Publication date
6/5/2019
Effective date
8/8/2019
Total FMO financing
USD 10.00 MLN
Funding
FMO NV
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
C