47280 - GTFP BI EL SALV.

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Summary of Investment Information

Project Number

47280

Company Name

BANCO INDUSTRIAL EL SALVADOR SA

Date SPI Disclosed

Mar 13, 2023

Country

El Salvador

Region

Latin America and the Caribbean

Projected Board Date

Sep 9, 2022

Environmental Category

C - No Impact

Status

Pending Signing

Last Updated Date

Mar 14, 2023

Department

Regional Industry - FIG LAC

Industry

Financial Markets

Previous Events

Approved : Nov 11, 2004

Sector

Commercial Banking - Trade

Project Description

The project consists of an investment of up to US$20 million in Banco Industrial El Salvador S.A. (“BI” or the “Bank”) in the form of a trade finance guarantee facility for transactions with tenor up to one year.

Associated Advisory Engagement

Sponsor / Cost / Location

Development Impact

The project builds on GTFP’s global platform, increasing access to trade finance to emerging markets. The project will provide increased access to trade finance to the Issuing Bank’s customers, including both corporates and SMEs. On the market side, the project will further connect the Issuing Bank’s cross border connections, increasing the country’s integration through both financial and real sector channels. It will help to link more traders to other countries and connect the country’s financial markets more deeply.

1. A non-financial source of additionality includes GTFP’s catalytic role as a trusted facilitator among cross border correspondent banks. GTFP’s guarantee structure helps to reduce key elements of confirmation risk for banks that provide this essential service for trade finance. 2. The Project taps GTFP’s global financial institution network for trade finance, which, along with IFC’s trade finance due diligence expertise, increasing the probability of new cross border relationship formation for the Issuing Bank. 3. IFC provides comfort to the Confirming Banks by mitigating non-commercial non-environmental and social risks, such as country, regulatory, project, or political risks, while adhering to IFC’s principle of political neutrality. 4. The Project is expected to help the Issuing Bank strengthen its trade finance operations. In addition, the Issuing Bank will benefit from IFC’s technical expertise in redesigning its trade solutions and marketing materials.

E&S Category Rationale / Risks and Mitigation

Contacts

For Inquiries About the Project, Contact

Banco Industrial El Salvador
Gabriel Flores Lizanne
Subgerente Financiero
(503) 2213-1717
gaflores@bi.com.sv
Av. Las Magnolias #144, San Salvador, El Salvador

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