PROJECT

Projects

Summary of Investment Information

Project Number

45855

Company Name

Banco Pichincha CA

Date SPI Disclosed

Nov 22, 2021

Country

Ecuador

Region

Latin America and the Caribbean

Projected Board Date

Dec 21, 2021

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Mar 31, 2022

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : Dec 21, 2021
Signed : Dec 23, 2021
Invested : Mar 29, 2022

Sector

Commercial Banking - General

Additional Project Attributes

Blended Finance

Project Description

The proposed investment consists of an up to five-year financing to Banco Pichincha Ecuador (Pichincha or the Bank), through an up to US$50 million subscription of senior gender bonds for IFC’s own account.

The proceeds of the issuance will be used to provide access to finance for women-owned small and medium enterprises (WSMEs) in Ecuador (the Project). The Project will be the first gender bond to be issued by Pichincha.

The project is expected to be consecutively supported by the Women Entrepreneurs Opportunity Facility (WEOF) and the Women Entrepreneurs Finance Initiative (We-Fi) as described in the Blended Finance Section.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation