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Overview

China Co-Financing Fund for Latin America and the Caribbean loan provides $15 million loan to Davivienda for ‘green’ on-lending activities in El Salvador (Linked to Record ID#86526)

Commitments (Constant USD, 2023)$15,476,007
Commitment Year•2020Country of Activity•El SalvadorDirect Recipient Country of Incorporation•ColombiaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 23, 2020

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

Government Agencies

  • People's Bank of China (PBC)

Cofinancing agencies

Intergovernmental Organizations

  • IDB Invest (formerly Inter-American Investment Corporation or IIC)

Receiving agencies

Private Sector

  • Banco Davivienda S.A. (Davivienda)

Implementing agencies

Private Sector

  • Banco Davivienda S.A. (Davivienda)

Loan description

China Co-Financing Fund for Latin America and the Caribbean loan provides $15 million loan to Davivienda for ‘green’ on-lending activities in El Salvador

Interest type•Unknown

Narrative

Full Description

Project narrative

On December 23, 2020, the China Co-Financing Fund for Latin America and the Caribbean signed a $15 million loan agreement with Banco Davivienda S.A. (Davivienda) — a private regional bank that operates in six countries (Colombia, Panama, Costa Rica, El Salvador, Honduras, and the United States) — to support the development of Davivienda’s portfolio of financing for environmentally friendly projects (‘green loans’) in El Salvador. Additionally, the loan is intended to aid Banco Davivienda in their development projects and obstacles caused by the Covid-19 economic crisis. The borrowing terms of the loan are unknown. The loan from the China Co-Financing Fund for Latin America and the Caribbean was secured alongside a $35 million loan from the Inter-American Investment Corporation (IDB Invest) and $50 million mobilized through co-financiers or ‘B’ lenders.

Staff comments

1. The China Co-Financing Fund for Latin America and the Caribbean was established on January 14, 2013 with a contribution of $2 billion by the People's Bank of China. It is administered by the IDB. For more information, see umbrella Record ID#86526. 2. The IDB Invest project identification number is 11860-02 or IDBI-11860-02.