Banco Bilbao Vizcaya Argentaria Panamá S.A.
The objective of this program is to finance eligible projects via loans to eligible enterprises in Panama that meet IIC and BBVA Panamá loan eligibility criteria and environmental and labor requirements. These small and medium-size enterprises (SMEs) in Panama require medium- or long-term financing in order to carry out their operations. Financing on appropriate terms will make it possible to generate direct and indirect employment and improve the financial structure of SMEs, which have limited access to financing with terms of more than one year.
The US$66 million IIC loan comprises an A loan of up to US$10 million and a B loan of up to US$56 million.
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. Each subloan must comply with national environmental and labor laws, regulations, and standards as well as IIC environmental guidelines. To enable BBVA Panamá to better understand the IIC’s requirements, the bank agrees to retain on its staff at least one employee who has attended the IIC financial intermediary environmental training workshop.