Project detail - BANCO BOLIVARIANO C.A.

BANCO BOLIVARIANO C.A.

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Who is our client

Bolivariano is a locally-owned Universal Bank with a strong regional presence in Guayaquil and the coastal region of Ecuador. The bank has a long track record (41 years of operations) and as of March 2020, it has TAs of USD 3.6 bln and ranks #5 in the sector, with a stable share of 8% TAs

Funding objective

Banco Bolivariano and FMO will further develop green lending opportunities in Ecuador as this facility will be 100% dedicated to green projects, in line with FMO's green master list.

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.

Environmental and social rationale

The client has been categorised as Category B in accordance with FMO’s Sustainability Policy. The Client’s activities are deemed to have minimal or no adverse environmental and social risks and/or impacts. As part of the transaction, Banco Bolivariano will be required to implement and apply the EDFI Harmonized E&S Procedures and Standards for Financial Institutions and continue to comply with Ecuadorian E&S laws and regulations.

More investments

Date Total FMO financing
9/21/2020 USD 10.00 MLN
12/14/2017 USD 30.00 MLN
Website client
http://www.bolivariano.com
Region
Latin America & The Caribbean
Country
Ecuador
Sector
Financial Institutions
Signing date
9/21/2020
Total FMO financing
USD 10.00 MLN
Fund
FMO
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)
B