Banco Santa Cruz II
The proceeds of the proposed operation would help Santa Cruz expand its credit operations with small and medium-sized enterprises (SMEs) of the Dominican Republic, primarily through financing for working capital and/or foreign trade operations. The proposed financing would therefore help Santa Cruz grow its loan portfolio and diversify its sources of medium- and long-term financing. A Dominican bank, Santa Cruz operates through a network of 31 branch offices located throughout the country, and it plans to open three additional branches by year-end 2014.
Environmental and Labor Issues:
This is a category FI-2 project according to the IIC’s Environmental and social Sustainability Policy because the subprojects in the financial intermediary’s current or future portfolio are considered medium risk. With a view to improving the evaluation of the labor and environmental aspects of its operations, Santa Cruz attended the IIC’s environmental training workshop for financial intermediaries. Eligible Enterprises financed with IIC funds will be subject to an environmental review and must comply with Dominican environmental and labor laws, regulations, and standards, as well as IIC environmental guidelines. Santa Cruz will continue to submit annual environmental reports to the IIC indicating the progress made and problems encountered in the implementation of these practices. Santa Cruz is currently developing an environmental review procedure for its credit operations and is also working to implement a formal environmental management system.