Banco BICE III
The project consists of a long-term IIC loan of up to US$30 million to Banco BICE. The proceeds of the loan will be used to meet the financing needs of Banco BICE customers operating in a variety of sectors of the economy, including agriculture, agro-industry, manufacturing, construction, and services.
Banco BICE is a medium-sized all-purpose bank based in Santiago, Chile. It offers commercial and retail banking products to individuals and companies.
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 BICE has attended the IIC’s environmental training workshop for financial intermediaries and has a set of policies and procedures in place to evaluate its customers from the environmental standpoint. Banco BICE has incorporated these policies and procedures into a sustainable management system. Each subproject financed with IIC funds will undergo an environmental review and must comply with national environmental and labor laws, regulations, and standards, as well as the IIC’s environmental guidelines. Banco BICE submits annual environmental reports to the IIC detailing its progress and any problems encountered in the implementation of these practices.