Project Name: BBVA Paraguay
Project Number: PR3912A-02
Country: Paraguay
Sector: Financial Services
Approval Date: 11/08/2011
Date of First Disbursement: 11/30/2011
Type of Financing: Loan
Total Project Cost: USD $65,000,000
IIC Financing Amount: USD $15,000,000
Investment Officers:
Quiñones, Jose
Oradei-Bayz, Laura
Project Attorney: Abreu, Lucia
Environmental Engineer: Miller, Angela
Additionality Officer: Riley, Joanne
Project Name: BBVA Paraguay II
Expected Consideration Date by the Board: 06/13/2011
Date Posted: 05/13/2011
Company: Banco Bilbao Vizcaya Argentaria Paraguay S.A.
Scope Objective:
The purpose of the IIC loan is to finance eligible projects via subloans to eligible enterprises in Paraguay that meet IIC and Banco Bilbao Vizcaya Argentaria Paraguay S.A. loan eligibility criteria and environmental and labor requirements. These small and medium-sized enterprises (SMEs) in Paraguay need medium- or long-term financing in order to carry out their operations. Financing on appropriate terms will help create direct and indirect jobs and improve the financial structure of SMEs, which currently have limited access to financing with terms longer than one year. Eligible enterprises will use the proceeds to purchase fixed assets and machinery, as well as for working capital investments.
The US$65 million IIC loan comprises an A loan of up to US$15 million and a B loan of up to US$50 million.
Environmental Review:
Environmental and Labor Issues:
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. Banco Bilbao Vizcaya Argentaria Paraguay S.A. has attended the IIC financial intermediary environmental training workshop and agrees to retain on its staff at least one employee who has attended the workshop. 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.
