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Company name

Finanzauto S.A.

Project number

12202-01

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

Completed

Disclosed date

01/24/2018

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

Projected board date
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03/30/2018

Approval date

08/03/2018

Signed date

02/14/2019

Sponsoring entity

N/A

Investment Operations Department Contact

N/A

Investment type

Syndicated amount

USD $ 25,000,000

Financing amount

USD $ 15,000,000

Currency

COP

Project scope and objective

The financing consists of: (i) an A loan from the Inter-American Development Bank (IDB) for the COP equivalent of up to US$10 million; and (ii) a B loan from the IDB in the COP equivalent of approximately US$20 million. A term of up to five years is expected for the A loan, with no grace period. The term of the B loan(s) will be defined based on market conditions. With financing, Finanzauto S.A. will be able to offer loans to micro-, small-, and medium-sized enterprises (MSMEs) in Colombia’s transportation sector and various economic sectors that purchase vehicles as part of their productive assets for the development of their economic activity.

Finanzauto is an unregulated Colombian financial institution with more than 40 years in the market that focuses on passenger and commercial vehicle financing. It has 33,000 clients and conducts 15,000 transactions per year. It is the main unregulated vehicle financing institution in the country. Finanzauto has 150 points of service in the country in six cities and has formed partnerships with close to 240 car dealers through which it provides financing. As of June 2017, it had 380 employees. As of the same date, it had equity of US$119 million and assets of US$280 million.

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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.

SCOPE OF THE ENVIRONMENT REVIEW

30.1 Kb

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Contact information

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Alternatively, you may also use the following contact information :

Client Contact

EMAIL

N/A

PHONE NUMBER

N/A

POST OFFICE ADDRESS

N/A

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

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Learn more about how we provide private-sector solutions in the region .