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Financing climate change mitigation projects
Project
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Signature date
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Location
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Ecuador
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Financing tool
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Financing amount (Euro)
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16737730
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Financing details
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USD 18.45m loan
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Customer
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BANCO PICHINCHA
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Type of customer
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Financial institution
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Country of headquarters
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Ecuador
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Project number
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PEC1033
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Environmental and social ranking
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IF-B
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Along with other investors, Proparco has renewed its support to Banco Pichincha for green projects in Ecuador.
Client presentation
Banco Pichincha is the largest universal bank in Ecuador with a balance sheet of USD 15.8bn and a market share of 27% of loans and 28% of deposits in the system as of December 2022, serving approximately 5 million clients. Its business activities are divided into commercial banking, personal banking and microfinance, the latter being an important focus for the bank as it has the largest microfinance portfolio in the banking sector.
Project description
This transaction syndicated by FMO and co-financed by Proparco, Triodos and responsibility, and the additional participations of ILX and Privium, consists in the refinancing of the existing 2018 Subordinated Loan (USD 70m). Proparco’s participation of USD 18.45m will be allocated to finance Climate mitigation projects.
Project impact
This new transaction aims to have positive contributions to SDG 8 “Decent work and economic growth” and SDG 13 “Climate action” by promoting a just and sustainable growth. The financing is expected to contribute to supporting 98,000 jobs.