La Hipotecaria III

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Project Number: 
RC3205A-03
Expected Consideration Date by the Board: 
09/30/2014
Date Posted: 
08/22/2014
Company: 
Banco La Hipotecaria, S.A. (Panama) and La Hipotecaria, S.A. de C.V. (El Salvador)
Sponsoring Entity: 
La Hipotecaria (Holding), Inc.
Financing Requested: 
Revolving credit line of up to US$13 million
Sector: 
Financial Services
Location: 
Regional (Panama and El Salvador)
Scope Objective: 

The purpose of this IIC operation is to finance long-term residential mortgage loans in Panama and El Salvador for qualifying middle- and lower-middle-income lenders through Banco La Hipotecaria, S.A. in Panama and its subsidiary, La Hipotecaria, S.A. de C.V., in El Salvador. Banco La Hipotecaria, S.A. is a subsidiary of La Hipotecaria (Holding), Inc.

Environmental Review: 

Environmental and Labor Issues:

This is a category FI-3 project according to the IIC’s Environmental and Social Sustainability Policy because of the low risk of the subprojects in the financial intermediary’s current or future portfolio. In order to improve its assessment of the environmental and labor aspects of its operations, La Hipotecaria attended the IIC’s environmental training workshop for financial intermediaries. Eligible Enterprises financed with IIC funds will be subject to an environmental review and must comply with national environmental and labor laws, regulations, and standards, as well as IIC environmental guidelines. La Hipotecaria submits annual environmental reports to the IIC indicating the progress made and problems encountered in the implementation of these practices.