PROJECT

Projects

Summary of Investment Information

Project Number

49899

Company Name

Banco Pichincha CA

Date SPI Disclosed

Oct 18, 2024

Country

Ecuador

Region

Latin America and the Caribbean

Projected Board Date

Nov 20, 2024

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Dec 29, 2024

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : Dec 10, 2024
Signed : Dec 17, 2024
Invested : Dec 27, 2024

Sector

Commercial Banking - General

Project Description

 The proposed investment consists of 7-year/5-year grace subordinated loan of up to US$100 million to Banco Pichincha Ecuador (Pichincha or the Bank), an existing IFC client. IFC expects to commit up to US$60 million for its own account, out of which US$20 million is expected to benefit from unfunded credit insurance. Additionally, IFC expects to mobilize up to US$40 million from B-lenders (the Project).

Associated Advisory Engagement

IFC will potentially support Pichincha with a climate finance advisory engagement to help identify blue finance-related assets, update its framework, tools, and methodologies to incorporate blue assets in line with IFC’s blue finance guidelines to support the growth of its blue portfolio, and provide training and capacity building.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation