Banco General II
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 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.