Company name
Telefónica Móviles Chile S.A.
Project number
12491-01
Category C projects are those that are likely to result in very limited or no adverse environmental or social impacts or risks.
E&S category
C
Country
Chile
Sector
Digital Economy
Status
In implementation
Disclosed date
09/30/2018
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
10/30/2018
Approval date
10/30/2018
Signed date
10/31/2018
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
USD $ 111,613,000
Financing amount
USD $ 180,000,000
Currency
USD
Project scope and objective
The Project consists of an uncommitted receivables purchase facility for US$100 million ("Facility") to sell mobile phone handset receivables originated by Telefonica Móviles Chile S.A. (the "Company" or "Movistar Chile"). The Facility will have an availability period of 48 months. The receivables have a repayment period of up to 24 months from the issuance date of the lease contract. Under the Facility, IDB Invest shall purchase, in its sole discretion, the mobile phone handset receivables.
The Project seeks to support the adoption and use of smartphones that allow the final subscribers of Movistar Chile to access to data services. Greater access to data services has a positive impact on economic development since broadband penetration facilitates the creation of jobs, promotes the creation of businesses, increases productivity, and positively impacts per capita growth. However, there are important barriers to deal with dramatic growth in data uses, one of which is the cost of acquiring equipment and technologies that allow end users to use Internet services. The proposed Project is one of the ways that IDB Invest will seek to address this barrier.
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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.
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.
ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY
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