Company name
BANCO COOPERATIVO SICREDI S.A.
Project number
14658-01
FI-2 operations are those where the risk potential is considered medium: the FI’s current or future portfolio consists of or is expected to consist of, business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures; or includes a very limited number of business activities with potential adverse environmental or social risks or impacts that are diverse, irreversible, or unprecedented.
E&S category
FI-2
Country
Brazil
Sector
Financial Institutions
Status
In implementation
Disclosed date
08/28/2023
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
11/21/2023
Approval date
11/21/2023
Signed date
12/13/2023
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
USD $ 100,265,000
Financing amount
USD $ 30,000,000
Currency
USD
Project scope and objective
The transaction consists of a senior unsecured A/B and co-loan for up to US$100 million to BanSicredi, to be structured as follows: (i) an A Loan of up to US$25 million to be financed by IDB Invest; (ii) an A Loan of up to US$60 million to be financed by DEG and Proparco; and (iii) B Loans of up to US$15 million to be financed by institutional investors. The term of the A loan is seven years, with a grace period of one year and semi-annual installments, while the term of the B loans is two years, with interest with bullet repayment.
The transaction has as a target to provide the Borrower with long-term senior funds for the financing of sub-loans to its women-led SMEs portfolio.
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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.
SICREDI – WOMEN-LED SMES 14658-01 – BRAZIL ENVIRONMENTAL AND SOCIAL REVIEW ESRS
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