Banco de Finanzas
The proposed project consists of a long-term loan of up to US$5 million to Banco de Finanzas. The loan proceeds will be used to finance small and medium-size Nicaraguan enterprises that require medium- and long-term funds to finance expansions, the acquisition of fixed assets or machinery, or working capital.
Environmental Classification and Issues:This is a Category III project according to the IIC's environmental and labor review procedure because specific impacts may result which can be avoided or mitigated by adhering to 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 policies. To enable the Borrower to better understand the IIC's requirements, two employees shall be required to attend the IIC's financial intermediary environmental training seminar.