Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Argentina
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Inter-American Investment Corporation (IIC)
Status: U
Bank Risk Rating: FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2016-12-13
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: Banco de Galicia y Buenos Aires S.A. (“Galicia”)
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Finance
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 30.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD): $ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

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Primary Source

Original disclosure @ IIC website
Updated in EWS: 2017-08-12
Disclosure Date: 2016-11-03
Banco Galicia Green Financing Partnership
IIC-11609-04

Project Description
The Project consists in a financing facility for up to US$100 million (“Green Financing Partnership”) for Banco de Galicia y Buenos Aires S.A. that will allow Galicia to finance sub-projects with high environmental benefits in Argentina; primarily in the areas of renewable energy and energy efficiency, and will also support other carbon mitigating investments. The Green Financing Partnership will support the development and growth of Sustainable Projects in small and medium enterprises and small and medium corporations. The project objective is to promote access to finance green projects mostly related to renewable energy (wind, solar and biomass) and energy efficiency, and to promote other investments to reduce emissions of greenhouse gases (sustainable projects) through SMEs. The potential pipeline is expected to involve only medium E&S risk operations and will be restricted to category "A" sub-projects. Galicia currently has an Environmental and Social Management System (ESMS) with sufficient capacity to manage the E&S risks, but given that it has limited experience in renewable energy projects, the bank will be required to update its procedures and improve its capacity as well as to expand the scope of application of its ESMS.
Investment Description
The proposed Project consists of a senior unsecured loan for up to US$100 million to Galicia comprised of an IDB loan for up to US$70 million and an IIC loan for up to US$30 million.
Contact Information
ACCOUNTABILITY MECHANISM OF IIC The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).