Banco de América Central S.A. (BAC Guatemala) is one of Guatemala’s major commercial banks; it provides a full line of financial services. The purpose of this IIC project is to support BAC Guatemala’s lending activities and fund the growth of its mortgage loan portfolio. With this US$20 million loan, the IIC would be helping BAC Guatemala diversify its sources of funding.
Environmental Classification and 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. 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, BAC Guatemala shall be required to attend the IIC financial intermediary environmental training workshop.