Company name

FINANZAUTO S.A. BIC

Project number

13993-01

FI-3 operations are those where the risk potential is considered low: the FI’s current or future portfolio consists of financial exposure to business activities that predominantly have minimal or no adverse environmental and social impacts.

E&S category
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FI-3

Country

Colombia

Sector

Financial Institutions

Status

Proposed

Disclosed date

06/27/2022

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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09/29/2022

Approval date

08/23/2022

Signed date

N/A

Sponsoring entity

N/A

Team leader

Echeverri, Ana Rosa

Investment type

Syndicated amount

USD $ 35,000,000

Financing amount

USD $ 25,000,000

Currency

COP

Project scope and objective

The project consists of providing support to Finanzauto S.A. BIC through a syndicated senior loan for a total amount of up to US$60 million, comprised of: (i) a senior A loan for an amount in COP for the equivalent of up to US$25 million financed by IDB Invest; and (ii) a senior B loan for an amount of up to US$35 million to be financed through the sale of shares to private banks. The loan will have a term of up to five years. The loan proceeds will be used to support the growth of the loan portfolio in: (i) micro, small and medium-sized enterprises in various economic sectors that acquire a vehicle as a productive asset to develop their economic activity; and (ii) the credit portfolio to finance electric and plug-in hybrid vehicles.

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Environmental and social review

IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.

FINANZAUTO - 13993-01 - ESRS

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Contact information

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Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Santiago Cleves

POSITION

Planning Manager

PHONE NUMBER

749 9000 ext. 530

EMAIL

santiago.cleves@finanzauto.com.co

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

COUNTRY OFFICES

IDB Invest Country Offices