Banco Multisectorial de Inversiones (BMI) is a bank owned by the Government of El Salvador. Its primary objective is to provide credit to financial institutions in El Salvador. The purpose of the IIC project is to complement an Inter-American Development Bank operation (ES-L-1011), (please see http://www.iadb.org/projects/Project.cfm?project=ES-L1011&Language=English) that seeks to support BMI’s programs for lending to eligible financial institutions in El Salvador that will onlend the funds for the purchase of low- and middle-income housing and to small, medium, and microfinance enterprises.

Environmental Classification and Issues:

This is a category III project according to the IIC’s environmental and labor review procedure because it could produce certain effects that may be avoided or mitigated by following generally recognized performance standards, guidelines, or design criteria. Each subproject will be subject to an environmental review and must comply with national environmental and labor laws, regulations, and standards as well as IIC environmental guidelines. To enable the borrower to better understand the IIC’s requirements, Banco Multisectorial de Inversiones shall be required to attend the IIC financial intermediary environmental training workshop.