• Financing will support the Colombian Amazon and other regions of the country

IDB Invest has approved financing for On Vacation, a leading group in the hotel and tourism industry in Colombia, through a committed line of up to $12 million to foster sustainable economic development in regions of the country with high tourism potential and promote the transition to a greener and more inclusive business model. The company will also have uncommitted funds of up to $20 million to support its growth and working capital needs, which can be mobilized with institutional investors.

The financing will allow On Vacation to implement key sustainability initiatives, such as installing renewable energy solutions in its hotels located in the Amazon region, La Guajira, San Andrés and Tayrona.

This support is aligned with IDB Invest's strategy of promoting sustainability in the Amazon and other vulnerable areas, while boosting formal employment and the inclusion of vulnerable communities, such as indigenous, Afro-descendant and other communities.

In addition, On Vacation will strengthen its local value chain, integrating micro, small and medium-sized enterprises (MSMEs) into its operations and expanding its economic impact in communities. The company will also continue its efforts to involve indigenous communities in its workforce, offering training programs that generate professional development and employment opportunities in remote areas.

With this financing, On Vacation will advance its environmental and social sustainability goals, promoting the transition to renewable energy and increasing energy efficiency in its facilities. It will also focus on renovating and expanding its room portfolio, to consolidate its offering of responsible tourism with a high economic impact for the benefit of local communities.

In addition, On Vacation will strengthen its ESG Policies with an environmental and social action plan. It will also receive advisory services to establish a corporate decarbonization plan and a roadmap for food waste reduction measures.

This support reinforces IDB Invest's commitment to the tourism sector in Colombia, promoting responsible investment and sustainable growth in companies that promote social and environmental well-being. The operation seeks to boost tourism as an economic driver in remote areas, creating inclusive employment and promoting responsible environmental practices.

With this initiative, IDB Invest contributes to the UN Sustainable Development Goals (SDGs), in particular SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation and Infrastructure) and SDG 12 (Responsible Consumption and Production).

About IDB Invest

IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $21 billion in assets under management and over 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries. Visit our website idbinvest.org.

About Tour Vacation Hoteles Azul

On Vacation is a 100% Colombian hotel chain with 22 years of experience in the tourism sector, whose objective is to provide vacations with a purpose, offering Colombians the possibility of traveling and living memorable experiences to get to know the most representative tourist spots in the country and Latin America at affordable prices, and positively impacting the national economy, having as its principle an environmentally friendly operation and the empowerment of the communities where it is present. It has more than 14 tourist-type properties in Colombia and Latin America, generates more than 5,500 direct and indirect jobs, and has more than 1,864 rooms in a wide range of national destinations: Amazonas, Eje Cafetero, Santa Marta, Girardot, La Guajira and San Andrés and international ones: Cancun, Panama, Punta Cana and Ecuador.