Banco Bilbao Vizcaya Argentaria Panamá S.A.
The project consists of a US$20 million loan to Banco Bilbao Vizcaya Argentaria Panamá S.A. The loan proceeds will be used to provide financing to eligible small and medium-size enterprises in Panama for general corporate purposes, including working capital and revolving credit facilities. Eligible enterprises shall not exceed US$10 million in assets or yearly revenue.
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. To enable the borrower to better understand the IIC’s requirements, Banco Bilbao Vizcaya Argentaria Panamá S.A. shall be required to attend the IIC financial intermediary environmental training workshop. 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.