Company name
AVLA SEGUROS DE CRÉDITO Y GARANTÍA S.A. ("AVLA")
Project number
13787-01
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
FI-3
Country
Chile
Sector
Financial Institutions
Status
In implementation
Disclosed date
01/19/2022
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
03/24/2022
Approval date
03/24/2022
Signed date
07/25/2022
Sponsoring entity
N/A
Investment Operations Department Contact
Portfolio Management Division
Investment type
Syndicated amount
N/A
Financing amount
USD $ 60,000,000
Currency
USD
Project scope and objective
The proposed project includes a financing mechanism that will consist of a senior, secured, revolving warehouse facility of up to US$50 million, whose proceeds will be used to purchase and accumulate eligible endorsable mortgage loans or other similar instruments granted to individuals, with a particular focus on diversity and inclusion, for future total or partial asset-backed securitizations in the Chilean capital markets. The transaction will support and improve certain diversity and inclusion segments access to financing in Chile, narrowing the current financing gap that is increasing due to the COVID-19 crisis, and will help further expand debt capital markets in the country through new issuances of asset-backed securities. The proceeds from the line will allow AVLA Group to expand its origination of mortgage loans. The warehousing facility may support several accumulation periods, for a maximum total availability period of six years.
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Contact information
For inquiries, comments and information requests about the project
Request informationAlternatively, you may also use the following contact information :
Client Contact
tsilva@avla.com
PHONE NUMBER
+55 21 99403-6491
POST OFFICE ADDRESS
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
IDB Invest Country OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(202) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
For inquiries, comments and information requests about the project
Request informationLearn more about how we provide private-sector solutions in the region .
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.
AVLA - D&I MORTGAGE FINACING WHL 13787-01 ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)
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