Company name
Trinidad and Tobago Mortgage Finance Company (“TTMF”)
Project number
12204-01
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
Trinidad and Tobago
Sector
Financial Institutions
Status
Completed
Disclosed date
03/16/2018
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
04/24/2018
Approval date
05/14/2018
Signed date
12/17/2018
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
N/A
Financing amount
USD $ 29,430,100
Currency
TTD
Project scope and objective
The Project consists of a guarantee for up to TTD 203 million Trinidadian dollars (“TTD”), equivalent to US$30 million, to support a TTD670 million bond issuance by TTMF. TTMF provides residential mortgages to buy houses, land, home improvement, and home equity. The IDB Invest’s role will be to issue a Partial Credit Guarantee (“PCG”), for 30%-50% of the total bond issuance, with the goal of improving the rating profile for the TTMF bond. The bond will have a five-year tenor.
TTMF focuses on providing affordable residential mortgage financing in Trinidad and Tobago. As a not deposit taking institution, TTMF relies primarily on bonds to fund its lending operations. The proposed project will be approved under the following delegated facility: “Debt Capital Markets Program.”
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Project images
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.
SCOPE OF THE ENVIRONMENT REVIEW
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