The funds will be used to provide medium- and long-term loans to small and medium-sized enterprises (SMEs) in Chile that operate in sectors such as agriculture, agribusiness, manufacturing, construction, and services.
Established in 1979, Banco BICE is a medium-sized bank in Chile. In addition to traditional financing services, deposit-taking, and other banking services; Banco BICE possesses great expertise in foreign trade finance, project finance, and investment advisory services.
This is a category FI-2 project according to the IIC’s Environmental and Social Sustainability Policy because the subprojects in the financial intermediary’s current or future portfolio are considered medium risk. Banco BICE has attended the IIC environmental training workshop for financial intermediaries and has a policy and procedures for analyzing its clients from an environmental standpoint. The policy and procedures are spelled out in a sustainable-management system. Each subproject 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. As it did for its previous operations with the IIC, Banco BICE will continue to submit annual environmental reports to the IIC indicating the progress made and difficulties encountered in the implementation of these practices.