Summary of Proposed Investment
Project Number
9556
Company Name
BANEXPO (NICARAGUA)
Date SPI Disclosed
Nov 4, 1999
Country
Nicaragua
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Oct 4, 2000
Signed : Oct 4, 2001
Project Description
Summary Of Project Information (SPI)
| Project Name | Nicaragua - BANEXPO |
RegionLatin America and Caribbean
Sector
Project No009556
Projected Board DateDecember 6, 1999
Company NameBanco de la Exportacion, S.A. (BANEXPO)
Technical Partner and/or Major Shareholders
BANEXPO is owned by a group of Central American shareholders with experience in various sectors of financial markets throughout the region.
Project Cost Including proposed IFC investment
The proposed IFC investment is a US$5.0 million A loan.
Location of project and Description of site
BANEXPO, the borrower, is headquartered in Managua, Nicaragua''s capital. The sub-projects to be financed through the project will be located throughout Nicaragua.
Description of Company and Purpose of Project
BANEXPO, founded in 1992, is the third largest private commercial bank in Nicaragua with $204 million in assets, and the fourth largest in terms of equity with $10.7 million as of June 30, 1999.
The proposed project will allow BANEXPO to provide long term loans to private sector enterprises in Nicaragua mainly for their modernization, expansion, and financial restructuring needs.
Environmental Category and Issues
This is a Financial Intermediary (FI) Type 2 project according to IFC''s environmental review procedure. BANEXPO will be required to carry out an environmental review of each subproject to ensure compliance with host country requirements, IFC environmental and social safeguard policies, and, if applicable, World Bank Group environmental, health and safety guidelines. IFC will assess BANEXPO’s capability to carry out environmental reviews. BANEXPO must obtain IFC clearance prior to making any investment with IFC funds in any Category A project.
| Date SPI sent to InfoShop | November 4, 1999 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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