Banco General II

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IIC’s Communications Group
E-mail: divulgacionpublica@iadb.org

For project inquiries, including environmental and social questions related to an IIC investment, please contact the client or the IIC using the contact information provided above. In addition, project affected communities have access to the IIC Independent Consultation and Investigation Mechanism.
Tel:+1 (202) 623-3952
Fax: +1 (202) 312-4057
Address: 1300 New York Ave. NW Washington, DC. USA. 20577
E-mail: mecanismo@iadb.org or MICI@iadb.org

Project Number: 
PN3745A-02
Expected Consideration Date by the Board: 
07/02/2013
Date Posted: 
05/31/2013
Company: 
Banco General S.A.
Sponsoring Entity: 
Not applicable
Financing Requested: 
Loan of up to US$30 million
Sector: 
Financial Services
Location: 
Panama City
Country: 
Scope Objective: 

The project consists of a long-term loan of up to US$30 million from the IIC to Banco General S.A. The loan proceeds will be used to finance housing for middle- and low-income home buyers. The beneficiaries of the subloans must be Panamanian nationals residing in Panama, who must devote the housing to their own use. Banco General S.A. is Panama’s largest privately-owned bank and a market leader in the housing loan segment.

Environmental Review: 

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 General S.A. has attended the IIC’s environmental training workshop for financial intermediaries and has a policy and procedure in place for analyzing its customers from an environmental standpoint. 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.