Company name
Citibank del Perú, S.A.
Project number
PE3874A-01
N/A
E&S category
N/A
Country
Peru
Sector
Manufacturing
Status
Inactive
Disclosed date
03/28/2008
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
04/29/2008
Approval date
05/20/2008
Signed date
N/A
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
N/A
Financing amount
USD $ 15,000,000
Currency
N/A
Project scope and objective
The project consists of providing Citibank del Perú, S.A. ("Citi" or "Citibank") with a guaranty that will enable it to provide financing for a major food distribution company. This company will pass the benefit on to its small and medium-size suppliers in order to decrease their financing costs and enable them to invest in improving product quality and cut delivery times. The IIC’s guaranty for Citibank would enable this leading financial institution to broaden a program that currently exists with a select group of clients, in order to strengthen supply chains by providing companies with financing for working capital. Companies—principally small and medium-size producers—will thus have a way to improve their liquidity on better terms.
Citibank has had this working capital financing program for supporting select clients’ supply chains for almost eight years. However, the way the program was designed has kept interested smaller suppliers from benefiting because the credit lines for clients under the program have reached their limit. The goal is therefore to extend the line for small and medium-size companies only, with a guaranty from the IIC enabling Citi to hedge its losses in the event of client default.
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Contact information
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Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
N/A
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
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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.
ENVIRONMENTAL AND SOCIAL REVIEW
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