devinitorg/iati-policy-markers huggingface dataset:
Banco Del Istmo, S.A. REVISED Summary Of Project Information (SPI)       Project Name    Panama - Banco del Istmo, S.A.            Region    Latin American and the Caribbean        Sector       Project No009211   Projected Board DateDecember 31, 1998   Company NameBanco del Istmo, S.A.   Technical Partner and/or Major Shareholders    	In 1996, the Bank went public and its shares now are listed on the Panamanian stock exchange. At the time of the IPO, majority ownership in Banistmo (approx. 73%) was held by a group of Panamanian families through privately-held financial holding company Grupo Financiero del Istmo (GFI). However, by the summer of 1998 a process was concluded whereby GFI shifted all its business to Banistmo and GFIs shareholders exchanged 100% of their GFI shares for Banistmo shares.  Effectively, GFI is dormant, as an operating concern and the entirety of its shares are null and void.  The remaining 23% of Banistmos shares are publicly held by a diversified group of more than 1,800 investors.     Project Cost Including proposed IFC investment    	Up to US$65 million    Location of project and Description of site    	Republic of Panama    Description of Company and Purpose of Project    	Banistmo had $1.4 billion in total assets (consolidated) and $870 million in gross loans at June 30, 1998.  The Bank maintains a network of 34 branches in 15 Panamanian cities and has 1,000 employees.  The Bank depends heavily on its deposit base to finance long term loans; the proposed IFC loan would strengthen the bank''s balance sheet by improving its maturity profile.  Syndication of part of the loan would give the Bank access to long term foreign funding sources.      Environmental Category and Issues    	This is a Financial Intermediary (FI) Tier 1 project according to IFC''s environmental review procedure.  Banistmo will be required to apply environmental review procedures to relevant operations and to ensure that subprojects comply with Panamanian environmental, health and safety legislation and standards.         Date SPI sent to InfoShop    Revised    December 1, 1998        December 2, 1998           This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporations Board of Directors.  It is provided for the purpose of enhancing the transparency of IFCs activities and should not be construed as presuming the outcome of IFC Board consideration.    For Additional Information contact:  Corporate Relations Unit -   telephone: (202) 473-7711   facsimile: (202) 974-4384
BG Credit Line The proposed project consists of a credit line of up to $50 million for up to 7 years to Banco General to be used to fund lending activity in the low income mortgage sector. The proposed financing by IFC will support the growth of Banco Generals low income mortgage portfolio.  It will also enable the Bank to reduce term mismatch.
Penonome Wind The Project consists of the construction, operation and maintenance of the second phase of the Penonome Wind Power Plant, consisting of a total of 215 MW of installed wind power capacity. Electric Power produced from 165MW of the Projects installed capacity will be sold under 20-year Power Purchase Agreements to Panamas 3 electricity distribution companies, Empresa de Distribución Eléctrica Metro Oeste (EDEMET), Elektra Noreste S.A. (ENSA), and Empresa de Distribución Eléctrica Chiriquí (EDECHI), while output from the remaining 50MW will be sold in Panamas spot electricity market. - Supporting the Government of Panama''s efforts to promote development of renewable energy projects and displace expensive oil based generation, helping reduce energy prices and contribute to reduction in carbon emissions. - Supporting an investment by an IFC investee company in a new market. - Cocle is one of the least developed provinces in Panama.  The Project is expected to bring employment (during construction) and help to create economic development.
Banco General S.A. Summary Of Project Information (SPI)       Project Name    PANAMA-Banco General S.A.              Region    Latin America and the Caribbean        Sector       Project No007475   Projected Board DateFebruary 17, 1997   Company NameBanco General S.A.   Technical Partner and/or Major Shareholders    	Banco General S.A. is a wholly owned subsidiary of Empresa General de Inversiones, S.A., a publicly traded Panamanian corporation with assets of US$1.1 billion at the end of 1995.    Project Cost Including proposed IFC investment    	US$25 million, all of which would be lent by IFC.    Location of project and Description of site    	Panama    Description of Company and Purpose of Project    	The project consists of a US$25 million mortgage credit line to Banco General, S.A. , which BGSA will on-lend for residential mortgages.  At IFCs recommendation, BGSA will hire a foreign technical adviser to assist in securitizing part of its mortgage portfolio.    Environmental Category and Issues    	This is a Category C project according to IFCs environmental review procedures.  No further environmental review is required.       Date SPI sent to PIC     December 16, 1996      For Additional Information contact:  Corporate Relations Unit -   telephone: (202) 473-7711   facsimile: (202) 676-0365
QBE Equity 2 The proposed investment in QBE del Istmo Re (the Company or QBEDIR) fits well with IFCs industry strategy to support locally-based reinsurance companies that have a regional focus.  By providing insurance for insurance companies, reinsurance companies support the industry in managing its business more effectively in the context of risk, uncertainty and volatility of insurers underlying underwriting and business activity.  In addition, reinsurers also provide expertise and services to primary insurers, especially in the fields of product development, pricing, underwriting and claims management.  This is particularly useful in developing markets where access to insurance skills may be limited and costly.   IFC originally committed US$10.0 million in preferred shares and US$8.5 million in common shares (resulting 7.4% common equity stake) of QBEDIR in March 2010. Since then, the Company has continued to expand its product base and geographic reach with the support of a strong management team.  The proposed project consists of an additional equity investment and sends a positive signal to the market as QBEDIRs second largest shareholder, QBE Insurance Group, divests its participation. The investment will also allow the Company to focus on its regional expansion strategy. (i) Ability to support a regional reinsurance company and current IFC client dedicated to increasing access to insurance products to SMEs in 18 LAC countries, including IDA countries. (ii) In face of the second largest shareholder exiting, IFC''s participation will allow the Company to focus on breaking into new markets and expanding in several smaller ones. (iii) Over the short to medium term, IFC is expected to support the Company''s listing on an international public market and increase the likelihood of a successful IPO.
Pando Montelirio The Pando and Monte Lirio power projects comprise a hydroelectric power development on the Chiriquí Viejo River (CVR) in Western Panamá. The Project involves the construction of two run-of-river hydroelectric power plants to be operated in cascade, totaling 85 MW in installed capacity (Pando, 33 MW and Monte Lirio, 52 MW) and 57.4 MW in firm capacity.  The Project is expected to produce on average approximately 430 GWh per annum.

The Project is being developed by Electron Investment S.A. (EISA or the Company), a Panamanian company. Decreased emissions through the displacement of fossil-fuel powered generation:  The Project will displace liquid fuel based generation that currently provides marginal pricing in Panama.  This will help reduce local air pollutants (principally SOx and NOx), improve air quality for the local population, reduce global greenhouse gas emissions and contribute to climate change mitigation globally. The Project will also lower the cost of production in the Panamanian and regional grid by displacing more expensive diesel-fired generation

Satisfying the growing regional power demand:  Power demand in Central America is expected to grow at a compounded annual rate of around 4.1% in the coming years, resulting in large new power generation investment needs.  The Project will clearly contribute to reduce the regional power infrastructure investment gap.

Lower dependency on thermal power:  The dependency on thermal generation in the Central American region has increased substantially since the 1990s when most of the installed capacity was renewable (mainly hydro).  Furthermore, a large component of the expected additional capacity to be constructed in the near term in the region is expected to be thermal.  The Project will hence also contribute to reduce the regions growing dependency on thermal power.

Employment generation:  The Project will generate direct and indirect employment in the Projects area. During construction peak, it is expected that about 700 jobs will be created directly in connection with the construction of the Project. Additional employment will in turn help boost economic stimulus in the area.
Global Bank Loan The proposed project consists of a senior loan of up to US$70 million to Global Bank Corporation y Subsidiarias (Global Bank) to be used to support on-lending activity in Panamas low- and middle-income mortgage sector for families where women are head of households and SMEs that are women-owned enterprises. The most significant expected project-level effect is increased access to housing finance for low-income and middle-income female households in Panama, and increased access to women entrepreneurs. Beyond the project-level effect, the proposed project will both promote inclusive homeownership for women and financing of SMEs owned or led by women.
Aguas de Panama S.A. In April 1998 through an international bid, the Instituto de Acueductos y Alcantarillados Nacionales (IDAAN), the national water company of Panama, awarded the lake Gatun potable water supply concession to APSA., a special purpose company created by British water company Biwater Supply Limited.  Under the concession contract, APSA will abstract water from Lake Gatun, treat it and deliver an agreed daily volume of potable water (varying between 15 and 20 million gallons per day MGD) into the existing distribution system at Nuevo Chorrillo.  The delivery point is located on the west bank of the Panama Canal approximately 20 kilometers from Panama City.  The construction of the water treatment plant was completed in June 2002 and a partial acceptance certificate was issued by IDAAN at that time.  The plant was fully completed in September 2002, with a total project cost of $25 million.  

The contract, which provides APSA with a 30 year concession period, specifies that the company will deliver to IDAAN a minimum daily bulk volume of potable water into Nuevo Chorrillo, which serves the west bank of the Panama Canal including the urban areas of Arraijan, Chorrera and Capira.  In consideration of its service, APSA will receive a monthly payment calculated on the basis of the agreed volumes of water delivered and a base unit price of $0.8942/1000 US gallons, adjustable at regular intervals by an agreed price escalation factor.  The towns of Arraijan, Chorrera and Capira served by the Nuevo Chorrillo water supply system are facing an acute water shortage due to the inability of the offtaker IDAAN to produce sufficient water to supply the population in these areas, which totals 270,000 people.  The APSA project will provide potable water into the distribution system increasing supply to these areas, which at present have no viable alternative. Thus the project will have a high development impact by improving the living conditions of the population in these towns.

IFC financing package to APSA will enable the company to retire bridge shareholder debt from Biwater Supply Limited initially used to finance this project.  IFC will provide long-term funding, otherwise unavailable to the project company, which would support private sector participation in Panamas water and sanitation sector.
Multibank Climate Smart and SME Multibank Inc. is a Universal Bank that was established in 1990. Today, the Bank provides a broad range of commercial and retail banking services to its customers (65% commercial and 35% retail). Multibank Inc. has 7 local subsidiaries that provide factoring, leasing, insurance and brokerage services.  Multibank Inc., among other non-state banks with Panama capital occupies the third and ninth place by total assets and loans, respectively, with a market share of 3.3% in total assets and 4.1% in loans as of December 2012.  As of December 2012, Multibank Inc. employs 1,300 professionals, has 28 branches in Panamá, and also operates subsidiaries in Colombia, Costa Rica, Turk and Caicos, Cayman Island, Nevis Island and British Virgin Island, and representative offices in Peru and Colombia.  Multibank Inc. has outstanding bond issues and preferred shares, registered and publicly traded on the Panama Security Exchange.  Currently Multibank Inc.s long term international risk rating by both  Standard & Poors and Fitch Rating NY stands at BB+, with a stable perspective, only one notch from investment grade. The Project is expected to have significant development impacts including:   (i)    Enhanced access to finance for SMEs and private companies pursuing SEF investments (including renewable energy project developers): The Project will allow the Bank to provide its clients access to funding with longer maturities enabling them to undertake projects with more appropriate financing structures;   (ii)    Positive climate change mitigation: Through the implementation of SEF solutions, Multibank''s activities have a direct impact on lowering greenhouse gas emissions and encouraging efficient management and reuse of scarce resources;  (iii)    Financial market development: IFC''s loan will increase the capacity of the local banking sector to finance SEF investments and SMEs; and  (iv)    Generate a demonstration effect: The Project is expected to create a demonstration effect for other banks to engage in climate smart / sustainability sector, and further enhance IFC''s development impact in Panama.
AES Panama LNG The project (the Project) comprises the development, construction, operation and maintenance of an integrated gas to power facility in Panama consisting of: a 380MW net combined cycle gas-fired power plant and an onshore liquefied natural gas (LNG) import terminal with an 180,000 m3 storage tank. It also entails the construction of power evacuation facilities to interconnect the generation plant with the existing electricity transmission network.   The Project will be developed under two special purpose vehicles: Gas Natural Atlantico, S. de R.L, as the power plant owner, and Costa Norte LNG Terminal S. de. RL, as the LNG terminal owner. The Project will sell 350MW of capacity and associated energy to 3 distribution companies: EDEMET, ENSA and EDECHI, under 10-year power purchase agreements (PPAs) awarded in September 2015 through a competitive bidding process led by ETESA  the state-owned transmission company. The remaining capacity and energy generated by the Project will be sold on a merchant basis in Panamas wholesale electricity market. Upon its development, the Project is expected to be the first gas importing terminal in Central America. It will diversify the Panamanian electricity sector''s generation mix away from its historical dependence on fuel oil, which price has been volatile, and hydro generation, which capacity is largely used and highly seasonal. By providing efficient large scale base-load low cost electricity generation, the Project will also enhance energy security, foster competitiveness and long term sustainable economic growth for the country. It will furthermore enable the implementation of large-scale lower-emission technology power generation sources, decreasing overall greenhouse gas emissions. Finally, via the Central American Electrical Interconnection System, the Project''s benefits could be extended to the larger Central American region.  Taking advantage of its strategic location close to the Panama Canal and optimizing its logistical infrastructure, the Costa Norte terminal will provide a platform for the larger use of natural gas in Panama''s economy beyond Gas Natural Atlantico, in particular for bunkering.  The demonstration impact of the Project is expected to be strong, as its successful development is likely to facilitate the conversion to natural gas of existing diesel-fired generation plants in Panama. Its gas to power model may also be replicated across the Central America region.
Banistmo Loan The proposed project entails a total US$300 million financing package to Banistmo S.A. (Banistmo or the Bank) consisting of: (i) an up to US$200 million senior unsecured A loan for IFCs own account and (ii) an up to US$100 million mobilization package through a B loan and/or parallel loan. The loan proceeds will be used to fund the growth of the Banks small and medium-sized enterprises (SMEs) and affordable housing loan portfolios (the Project). The most significant, expected project-level outcome are increased access to finance for SMEs including women-owned SMEs (WSMEs) and increased access to housing finance for low- and middle-income households including female-headed households. Beyond the project, IFC anticipates that its financing will promote greater market inclusiveness via demonstration and replication and capacity building channels.
Hipotecaria-Pan The green field project supports the mortgage-lending activities of La Hipotecaria (LH or the company), the only specialized full-service housing finance company in Panama and El Salvador.  The company controls over 10% of the  residential mortgage market in Panama and a negligible amount in El Salvador where LH began operations in November of 2003.  The company specializes in originating and servicing residential mortgages to individuals mostly in the low to middle income segment of the market.  

In order to free up its balance sheet to continue expanding its lending activities, the company has developed a successful business of originating and securitizing mortgages in Panama. Over the past five years, the company has issued four separate mortgage-backed securities (MBS), amounting to over $45 million and holds on balance sheet a mortgage loan portfolio of $29 million as of March 31, 2004.  LH now wants to use the same formula to expand into El Salvador, targeting its lending activities towards the low to middle income segment of the market and eventually selling the mortgages to  investors in El Salvador and Panama via an MBS issue.  

The primary purpose of the IFC facility is to: 

-  support LHs existing mortgage finance operations in Panama, 
-  assist the company expand its operations into El Salvador, and 
-  enable the company put in place a viable structure to facilitate its planned MBS issues in El Salvador.
BBVA P Sr Loan The Project (BBVA P SR Loan) involves supporting Banco Bilbao Vizcaya Argentaria Panama S.A. (BBVA Panama or the Bank or the Company) in providing long-term financing to SMEs in the agribusiness sector.

The primary objective of the Project is to increase access to finance for Panamas farmers and agribusiness SMEs, with an emphasis on expanding opportunities for the bottom of the pyramid (BOP) population in rural areas, and supporting the whole agricultural supply chain. This will be achieved by leveraging BBVA Panamas strong brand positioning and distribution capacity. The Project will provide SME funding to a systemic bank in Panama, generating a range of social and economic benefits which include promoting economic growth and raising productivity, as well as increasing banking penetration in rural areas. The anticipated development impacts of the Project are to:

(i)	Enhance access to finance for SMEs.  The Project will allow the Bank to provide its clients access to funding with longer maturities, enabling them to undertake investment projects with more appropriate financing structures;
(ii)	Generate a demonstration effect.  The Project is expected to create a demonstration effect for other banks and further enhance IFC's developmental impact in Panama; and
(iii)	Assist in the deepening of Panama's financial sector by increasing access to finance for low-income groups and other priority sectors;
Suleasing Infrastructure S.A. Summary Of Project Information (SPI)       Project Name    Colombia: Suleasing Holding, Inc.              Region    Latin America and Caribbean        Sector       Project No008956   Projected Board DateMay 10, 1998   Company NameSuleasing Group   Technical Partner and/or Major Shareholders    	Leasing Suramericana Compania de Financiamiento Comercial Suleasing S.A. (50%); Mitsubishi International Corporation and Mitsubishi Corporation (25%); IFC (25%)    Project Cost Including Proposed IFC Investment    	The estimated project cost is US$170 million.  IFC would provide an equity investment of up to US$10 million, an A loan for its own account of up to US$15 million and a syndicated B loan for the account of participant banks for up to US$35 million.  The loan funds will support infrastructure leasing activities.    Location of Project and Description of Site    	Colombia and other countries in Latin America    Description of Company and Purpose of Project    	The project consists of establishing two companies, possibly through a controlling holding company.  One of the companies, Surenting, will offer operating leasing for truck and car fleets and industrial equipment in Colombia and will be the first Colombian institution dedicated exclusively to operating leasing.  The second company will offer finance leases exclusively for infrastructure-related projects, focusing on power, telecommunications and other sectors, first in Colombia and then throughout Latin America. The project will have a significant development impact by mobilizing private sector financing for infrastructure through leasing and by establishing a specialized institution for infrastructure leasing.  In addition, operating leasing will be an effective tool for infrastructure activities, such as for earth-moving equipment in road projects.      Environmental Category and Issues    	This is a Financial Intermediary (FI) category project according to IFC''s environmental review procedure.  The project companies will be required to implement an environmental management system to ensure that equipment or assets financed by them comply with the environmental, health and safety requirements of the host country as well as applicable World Bank policies and guidelines.  With respect to the Credit Line, IFCs Environment Division must review and clear all environmental category A sub-projects.         Date SPI sent to InfoShop     April 10, 1998      This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporations Board of Directors.  It is provided for the purpose of enhancing the transparency of IFCs activities and should not be construed as presuming the outcome of IFC Board consideration.    For Additional Information contact:  Corporate Relations Unit -   telephone: (202) 473-7711   facsimile: (202) 974-4384