Company name
Prodigy Finance CM2020-2 Designated Activity Company
Project number
12703-01
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
Regional
Sector
Social Infrastructure
Status
Inactive
Disclosed date
04/27/2020
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
07/25/2021
Approval date
N/A
Signed date
N/A
Sponsoring entity
Prodigy Finance Limited
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
N/A
Financing amount
USD $ 100,000,000
Currency
USD
Project scope and objective
The project consists on the issuance of debt securities under a private placement of up to two hundred million United Stated dollars ($200,000,00.00) (the “Securities”) in order to finance post-graduate student loans. At least 50% of the student loans will be for Latin American and Caribbean students attending top-tier universities (the "Project"). It is anticipated that the financing will consist on the subscription of Securities by IDB Invest for up to one hundred million United Stated dollars ($100,000,000.00) of the Securities issued.
The Project will provide access to financing for Latin American and Caribbean students to attend top-tier post-graduate institutions, an estimated 75% of whom return to the region. Financing for international post-graduate education at top tier institutions, is relatively scarce, and Prodigy Finance's business model addresses many of the constraints to access to financing for international students.
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Contact information
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Request informationAlternatively, you may also use the following contact information :
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
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