Company name
Microfinanzas del Uruguay S.A.
Project number
UR3798A-01
N/A
E&S category
N/A
Country
Uruguay
Sector
Financial Institutions
Status
Completed
Disclosed date
05/30/2008
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
07/01/2008
Approval date
07/01/2008
Signed date
N/A
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
N/A
Financing amount
USD $ 1,500,000
Currency
USD
Project scope and objective
The purpose of the IIC loan is to finance eligible projects via subloans to eligible enterprises in Uruguay that meet IIC and Microfin Uruguay loan eligibility criteria and environmental and labor requirements. The subloans will target micro and small Uruguayan enterprises seeking short-, medium- or long-term financing to carry out their operations and that are underserved in the formal financial system. Financing on appropriate terms will make it possible to generate direct and indirect employment and improve the financial structure of micro and small enterprises. Microfinancing is underdeveloped in Uruguay and there are few institutions that are beginning to serve this segment. Microfin provides financial services and specialized products for micro and small enterprises throughout Uruguay; its main objective is to promote the socioeconomic development of lower-income households in Uruguay.
Microfin is managed by the ACP group, a not-for-profit civil association founded in 1969 in Peru and one of the main players in Latin America’s microfinance sector. It will bring the region’s best practices to the microfinance segment in Uruguay and should provide a significant demonstration effect in the sector.
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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
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(292) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
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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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