BANCO INTERNACIONAL S.A (ECUADOR)
Who is our client
Banco Internacional is part of “Grupo IF”, was established in 1973 and was the first Ecuadorian bank to join the SWIFT network in 1981. Banco Internacional is recognized as a safe, solid bank focused on corporates and a leader in international trade finance; it is a top performer of the Ecuadorian banking system in terms of portfolio quality, efficiency and growth.
Banco Internacional and FMO will further develop green lending opportunities and continue supporting Ecuadoran economic growth as this facility will be 25% dedicated to green projects, in line with FMO's green master list, and 75% dedicated to SMEs as well as strengthening the Environmental, Social and Governance risk assessment through SARAS (the bank’s social and environmental risk assessment system).
Why we fund this project
FMO focuses on fostering sustainable economic growth in emerging economies, whereby green finance products are instruments to help forward-thinking financial institutions take advantage of new market opportunities within their existing portfolio or to acquire new clients. The facility contributes to FMO’s strategy by supporting SME entrepreneurs with access to financing and by addressing climate action.
Environmental and social rationale
In relation to the E&S, the project has been categorised as Category B in accordance with FMO’s Sustainability Policy. The Project’s activities are deemed to have limited adverse environmental and social risks and/or impacts. Banco Internacional is compliant with the IFC’s exclusion list and has an Environmental and Action Plan (ESAP) in place. As a result of this ESAP, the bank is diligently seeking to improve its existing ESMS to consider the new E&S Standards for Financial Institutions.
|Date||Total FMO financing|
|11/27/2018||USD 20.00 MLN|
|6/21/2017||USD 30.00 MLN|
|5/18/2016||USD 20.00 MLN|
- Latin America & The Caribbean
- Financial Institutions
- Signing date
- Total FMO financing
- USD 20.00 MLN
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)