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Company name

N/A

Project number

12114-03

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
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FI-3

Country

Colombia

Sector

Financial Institutions

Status

In implementation

Disclosed date

06/04/2020

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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09/17/2020

Approval date

09/17/2020

Signed date

09/24/2020

Sponsoring entity

N/A

Investment Operations Department Contact

N/A

Investment type

Syndicated amount

USD $ 290,000,000

Financing amount

USD $ 100,000,000

Currency

USD

Project scope and objective

The project consists of a subordinated loan with a parallel financing component of up to US$420 million to a Colombian entity, with a term of up to 10 years and a purchase option at year 5. The subordinated loan is expected to be comprised as follows: (i) an IDB Invest loan of up to US$100 million; (ii) a loan of up to US$50 million financed by IDB Invest in its capacity as administrator of the Chinese Cofinancing Fund for Latin America and the Caribbean (“China Fund”); (iii) a parallel loan of up to US$250 million financed by the U.S. International Development Finance Corporation (“DFC”); and (iv) a parallel loan of up to US$20 million from the Development Finance Institute Canada (“DFIC”). The project will also include a subordinated loan with Blended Finance resources from the Canadian Climate Fund for the Private Sector in Latin America and the Caribbean - Phase II (“C2F”) for up to US$20 million, with the purpose of incentivizing better climate change risk analysis at the bank’s level and increasing its funding for green projects. The goal of this financing is to strengthen the capital base of the Colombian financial entity and support access to financing for small and medium-sized enterprises (SMEs) by making lines of credit available to alleviate the effects of the current COVID-19 situation.


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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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Contact information

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Alternatively, you may also use the following contact information :

Client Contact

EMAIL

N/A

PHONE NUMBER

N/A

POST OFFICE ADDRESS

N/A

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

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