PichinchaGBandSD

completed

The proposed investment in Banco Pichincha (“Pichincha” or “the Bank”), an existing IFC client and Ecuador’s largest bank, consists of: (i) an investment of approximately US$50 million in a green bond for IFC’s own account, as part of the Bank’s US$250 million green bonds program, for the financing of the Bank’s climate smart portfolio, and (ii) an investment of up to US$20 million in a subordinated loan for IFC’s own account, plus a US$30 million mobilization, for the financing of the Bank’s SME portfolio.The Project aims to achieve the following: (i) consolidate a commercial relationship with Pichincha, a strategic client with which IFC can further collaborate through both investment and advisory services, (ii) support the development of local capital markets and climate smart projects by subscribing resources, (iii) enhance the level of credit and financial services offered to underserved SMEs, and (iv) strengthen the Bank’s capital by providing sub-debt which qualifies as Tier II capital under local regulation.