BANCO SOLIDARIO S.A.
Status: Approved investmentWhy disclosure?
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In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Banco Solidario (Solidario) is one of the largest regulated microfinance banks in Ecuador. Solidario aims to contribute to the development and quality of life of micro-entrepreneurs and salaried workers, through financial products and services specifically adapted to their needs.
What is our funding objective?
The total USD 35mln transaction will be dedicated to financing women-owned micro-enterprises, hereby contributing to reducing inequalities and fostering gender equality. This transaction refers to a committed tranche of USD 20mln (which includes a USD 13mln FMO loan and a USD 7mln addition from a private institutional investor) and an un-committed tranche of USD 15mln, which may be activated.
Why do we fund this investment?
Banco Solidario plays an important role in financial inclusion and development in Ecuador and is aligned with FMO’s mission. Furthermore, FMO brings additionality by providing scarce long-term financing and injecting liquidity to a dollarized economy with limited access to international funding.
What is the Environmental and Social categorization rationale?
Solidario is categorized as C given the nature of the portfolio (microfinance and consumer finance).
More investments
| Date | Total FMO financing |
|---|---|
| 10/13/2021 | EUR 0.06 MLN |
| 10/24/2024 | USD 10.00 MLN |
| 10/19/2024 | USD 20.00 MLN |
- Website customer/investment
- https://www.banco-solidario.com/
- Region
- Latin America & The Caribbean
- Country
- Ecuador
- Sector
- Financial Institutions
- Publication date
- 5/4/2021
- Effective date
- 6/17/2021
- Total FMO financing
- USD 20.00 MLN
- Funding
- FMO NV
-
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - C