Project Name: Banco General
Project Number: PN3745A-01
Country: Panama
Sector: Financial Services
Approval Date: 03/25/2008
Date of First Disbursement: 05/09/2008
Type of Financing: Loan
Total Project Cost: USD $25,000,000
IIC Financing Amount: USD $25,000,000
Investment Officers:
Reyes, Sandra
Corredera Silvan, Martin
Roa, Carlos
Orellana, Ana Maria
Guevara, Marvin
Project Attorney: Abreu, Lucia
Environmental Engineer: Morales, Fernando
Additionality Officer: Riley, Joanne
Expected Consideration Date by the Board: 03/25/2008
Date Posted: 02/22/2008
Company: Banco General
Scope Objective:
The project consists of a five-year loan to Banco General for up to US$25 million. The proceeds will be used to finance housing for low- and medium-income individuals. Subloan beneficiaries must be Panamanian nationals residing in Panama and must live in the homes financed.
Environmental Review:
This is a category III project according to the IIC's environmental and labor review procedure because it could produce certain effects that may be avoided or mitigated by following generally recognized performance standards, guidelines, or design criteria. Each subproject 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. To enable the borrower to better understand the IIC's requirements, Banco General shall be required to attend the IIC financial intermediary environmental training workshop.
