Banco Pichincha C.A.
The purpose of the proposed project is to give Banco Pichincha C.A. a loan. Banco Pichincha will channel the IIC loan to small and medium-sized enterprises (SMEs) in Ecuador via subloans. The IIC loan, which has a term of five years, will therefore improve the term matching of Banco Pichincha’s long-term lending operations, which are ordinarily three years.
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. To be better informed about IIC requirements, representatives of Banco Pichincha C.A. attended the IIC’s environmental training workshop for financial intermediaries in 2008, and the Bank now has an environmental management system. Each subproject 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.