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Financiera y Arrendadora Cafsa II The proposed project consists of granting a new, four-year loan of up to US$2 million to Arrendadora CAFSA S.A. and Financiera CAFSA S.A. The loan proceeds will help eligible companies finance their fixed asset purchase needs, especially for vehicles, to be able to operate in such productive sectors as services, trade, transportation, and tourism. Eligible companies shall be located in the metropolitan area of San José and Zapote, and in the rural areas of Liberia, San Carlos, and Pérez Zeledón. The proposed project consists of granting a new, four-year loan of up to US$2 million to Arrendadora CAFSA S.A. and Financiera CAFSA S.A. The loan proceeds will help eligible companies finance their fixed asset purchase needs, especially for vehicles, to be able to operate in such productive sectors as services, trade, transportation, and tourism. Eligible companies shall be located in the metropolitan area of San José and Zapote, and in the rural areas of Liberia, San Carlos, and Pérez Zeledón.
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Banco de América Central, S.A. The proceeds of the loan shall be used to provide financing to small and medium-sized enterprises (SME) in Nicaragua in the form of medium- and long-term loans to modernize and expand these companies.BAC Nicaragua, a bank established in 1952, forms part of the BAC Credomatic group, the main issuer and processer of credit and debit cards in Central America. BAC Nicaragua is a full service bank that allocates 45 percent—a significant portion—of its portfolio to retail banking, and the remaining 55 percent is for corporate banking. In terms of assets and portfolio, BAC Nicaragua is the third largest bank in Nicaragua.BAC Nicaragua offers a broad portfolio of financial services and products through multiple distribution channels such as its branches, points of service, ATMs, and mobile banking. It currently has a network of 33 branches, 173 ATMs, and 9 points of service located within companies, providing extensive coverage across Nicaragua. The proceeds of the loan shall be used to provide financing to small and medium-sized enterprises (SME) in Nicaragua in the form of medium- and long-term loans to modernize and expand these companies.BAC Nicaragua, a bank established in 1952, forms part of the BAC Credomatic group, the main issuer and processer of credit and debit cards in Central America. BAC Nicaragua is a full service bank that allocates 45 percent—a significant portion—of its portfolio to retail banking, and the remaining 55 percent is for corporate banking. In terms of assets and portfolio, BAC Nicaragua is the third largest bank in Nicaragua.BAC Nicaragua offers a broad portfolio of financial services and products through multiple distribution channels such as its branches, points of service, ATMs, and mobile banking. It currently has a network of 33 branches, 173 ATMs, and 9 points of service located within companies, providing extensive coverage across Nicaragua.
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E-Buses Chile The project consists of the financing of the purchase, supply, and maintenance of 992 electric buses (or “E-buses”) by Suministradora de Buses K Cuatro SpA (the “SPV” or the “Company”) for use in the Red Metropolitana de Movilidad (the “RED”), Santiago’s Public transport system (the “Project”). The E-buses will operate under a 14-year bus supply contract awarded as part of the ongoing fleet renewal and expansion tender carried out by the Ministry of Transport and Telecommunications of Chile (the “MTT”). The total Project cost is estimated at US$396 million (excluding VAT), which will be financed through a long-term structure composed of: (a) an IDB Invest senior loan for an aggregate amount of up to US$120 million and (b) parallel senior loans of up to US$183 million, which are expected to be Unidades de Fomento (“UF”)-linked loans. The rest of the Project’s costs will be funded through equity and subordinated debt contributions from the Sponsors. The Company is owned by Inversiones Kaufmann S.A., a subsidiary of Grupo Kaufmann, and Enel X Chile, a subsidiary of Enel Chile S.A. Each currently own 50% of the Company.This Project represents a relevant milestone in Chile’s Public transport system, since the country will have the largest E-buses urban fleet in the world outside of China. The project consists of the financing of the purchase, supply, and maintenance of 992 electric buses (or “E-buses”) by Suministradora de Buses K Cuatro SpA (the “SPV” or the “Company”) for use in the Red Metropolitana de Movilidad (the “RED”), Santiago’s Public transport system (the “Project”). The E-buses will operate under a 14-year bus supply contract awarded as part of the ongoing fleet renewal and expansion tender carried out by the Ministry of Transport and Telecommunications of Chile (the “MTT”). The total Project cost is estimated at US$396 million (excluding VAT), which will be financed through a long-term structure composed of: (a) an IDB Invest senior loan for an aggregate amount of up to US$120 million and (b) parallel senior loans of up to US$183 million, which are expected to be Unidades de Fomento (“UF”)-linked loans. The rest of the Project’s costs will be funded through equity and subordinated debt contributions from the Sponsors. The Company is owned by Inversiones Kaufmann S.A., a subsidiary of Grupo Kaufmann, and Enel X Chile, a subsidiary of Enel Chile S.A. Each currently own 50% of the Company.This Project represents a relevant milestone in Chile’s Public transport system, since the country will have the largest E-buses urban fleet in the world outside of China.
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Colombian Energy Efficiency Trust The objective of the project is to support the implementation energy efficiency projects (the “EE Projects”) developed by Energy Services companies (the “ESCOs”) in Colombia by providing an adequate financing solution involving capital markets which will give a platform to mobilize investors with the appetite and capacity to finance EE Projects through a securitized debt issuance .The project will offer a two-stage financing mechanism. First, during the Accumulation Stage, the IDB will provide a senior warehousing loan (IDB Loan) to a dedicated vehicle, the Colombia Energy Efficiency Trust (“CEET”), for the purpose of purchasing and accumulating credit rights arising from the EE Projects for its subsequent securitization. Second during the Mobilization Stage, the IIC will provide a Partial Credit Guarantee (PCG) to support the securitization of these credit rights in local or international capital markets.The project is part of a larger effort developed in partnership with the Multilateral Investment Fund (MIF) and the CTF. Joint efforts include additional financial resources to the CEET such as equity, guarantees and grants from MIF, CTF and the Nordic Development Fund (NDF). In addition, technical assistance resources from MIF and CTF will focus on capacity building (to the demand and supply side of the EE value chain) and SME awareness raising. The objective of the project is to support the implementation energy efficiency projects (the “EE Projects”) developed by Energy Services companies (the “ESCOs”) in Colombia by providing an adequate financing solution involving capital markets which will give a platform to mobilize investors with the appetite and capacity to finance EE Projects through a securitized debt issuance .The project will offer a two-stage financing mechanism. First, during the Accumulation Stage, the IDB will provide a senior warehousing loan (IDB Loan) to a dedicated vehicle, the Colombia Energy Efficiency Trust (“CEET”), for the purpose of purchasing and accumulating credit rights arising from the EE Projects for its subsequent securitization. Second during the Mobilization Stage, the IIC will provide a Partial Credit Guarantee (PCG) to support the securitization of these credit rights in local or international capital markets.The project is part of a larger effort developed in partnership with the Multilateral Investment Fund (MIF) and the CTF. Joint efforts include additional financial resources to the CEET such as equity, guarantees and grants from MIF, CTF and the Nordic Development Fund (NDF). In addition, technical assistance resources from MIF and CTF will focus on capacity building (to the demand and supply side of the EE value chain) and SME awareness raising.
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El Rosado Ecuador The proposed transaction consists of granting El Rosado a senior secured long-term financing to: (i) finance the Company's investment plan for up to US$35 million, which primarily consists of sustainable initiatives related to clean energy production, energy efficiency and emissions reduction, as well as other investments in logistics improvement, maintenance and geographic expansion; and (ii) refinance debt for up to US$15 million. The financing will have a US$25 million tranche A to be funded with IDB Invest resources, and a US$25 million tranche B to be mobilized through international financiers.El Rosado is a company with more than 66 years of experience and is one of the most important business groups in Ecuador, with nationwide participation through different business lines, including the second largest supermarket chain in Ecuador. Since its foundation, the company has participated in the development of the private and national sector, and is currently one of the largest employers of the country. The proposed transaction consists of granting El Rosado a senior secured long-term financing to: (i) finance the Company's investment plan for up to US$35 million, which primarily consists of sustainable initiatives related to clean energy production, energy efficiency and emissions reduction, as well as other investments in logistics improvement, maintenance and geographic expansion; and (ii) refinance debt for up to US$15 million. The financing will have a US$25 million tranche A to be funded with IDB Invest resources, and a US$25 million tranche B to be mobilized through international financiers.El Rosado is a company with more than 66 years of experience and is one of the most important business groups in Ecuador, with nationwide participation through different business lines, including the second largest supermarket chain in Ecuador. Since its foundation, the company has participated in the development of the private and national sector, and is currently one of the largest employers of the country.
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Alliar- High technology of imaging diagnostics The Project consists on the re-financing of Alliar’s short-term debt and the financing of its medium-term capex expansion (the “Project”). The proceeds of the loan will go to the re-financing of the Company’s short-term debt for up to R$107 million, and the financing of the Company’s medium-term CAPEX investments for up to R$103 million with a tenor of eight years door-to-door. As a result, IDB Invest will help Alliar to implement a financial strategy that will allow them in the long term to leverage and secure their growth initiatives within the Brazilian medical diagnostics market. The most significant development effects that will derive from the Project are as follows: (i) expanded provision of health care services; (ii) improved quality of health care services; (iii) enhanced health care services through technological and digital innovation; (iv) increase productivity and operational efficiencies. The Project consists on the re-financing of Alliar’s short-term debt and the financing of its medium-term capex expansion (the “Project”). The proceeds of the loan will go to the re-financing of the Company’s short-term debt for up to R$107 million, and the financing of the Company’s medium-term CAPEX investments for up to R$103 million with a tenor of eight years door-to-door. As a result, IDB Invest will help Alliar to implement a financial strategy that will allow them in the long term to leverage and secure their growth initiatives within the Brazilian medical diagnostics market. The most significant development effects that will derive from the Project are as follows: (i) expanded provision of health care services; (ii) improved quality of health care services; (iii) enhanced health care services through technological and digital innovation; (iv) increase productivity and operational efficiencies.
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Microenvases With the expansion project, Microenvases seeks to increase its monthly production of laminated cups from 15 million to 27 million units. To that end, it will be necessary to retool three PMC GX 1000 machines (currently used for wax-coated cups) to process laminated cups, refurbish two 4 color flexographic printers, and purchase two dies to manufacture 4- and 6-ounce cups. These cup sizes are the most in demand in new market niches recently entered by the Company. Once these machines are upgraded, the Company will have the capacity to produce an additional 12 million cups a month, which will increase its production by approximately 80%. The project also seeks to increase the Company’s operating space. This will be achieved by purchasing a lot adjacent to its current facilities. A plant of approximately 2,000m2 (21,527 square feet) will be erected on this new lot. With this project, the IIC will be supporting the export manufacturing industry in Honduras since the Company is the leading manufacturer of laminated cups in Central America. The demand for this type of product has grown due to the natural growth of the beverage and fast-food industries. This growth is also the result of substituting laminated cups for wax-coated and styrofoam cups. With the expansion project, Microenvases seeks to increase its monthly production of laminated cups from 15 million to 27 million units. To that end, it will be necessary to retool three PMC GX 1000 machines (currently used for wax-coated cups) to process laminated cups, refurbish two 4 color flexographic printers, and purchase two dies to manufacture 4- and 6-ounce cups. These cup sizes are the most in demand in new market niches recently entered by the Company. Once these machines are upgraded, the Company will have the capacity to produce an additional 12 million cups a month, which will increase its production by approximately 80%. The project also seeks to increase the Company’s operating space. This will be achieved by purchasing a lot adjacent to its current facilities. A plant of approximately 2,000m2 (21,527 square feet) will be erected on this new lot. With this project, the IIC will be supporting the export manufacturing industry in Honduras since the Company is the leading manufacturer of laminated cups in Central America. The demand for this type of product has grown due to the natural growth of the beverage and fast-food industries. This growth is also the result of substituting laminated cups for wax-coated and styrofoam cups.
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Recinos Imports The US$4.7 million project consists of a senior secured financing that will support the Companies’ working capital to expand operations, investments for expansion to increase their storage capacity and debt refinancing. The loan will have up to 10-year tenor including 12-month grace period and will be secured by the Companies’ assets. IDB Invest’s financing will be complemented by advisory services related to energy efficiency and renewable energy. The proposed financing to the Companies will support streamlining of inventory and logistics facilitating cash availability allowing for continued supply of goods from its main suppliers in Central America at cost effective pricing which is essential to support economic recovery and reduce the strain on consumers. The need to ensure the use of technology to make their operations smarter and more efficient translating into better prices and access for consumers. Recinos Imports recognizes that to move forward with its business expansion, it has to stay competitive and gain greater control of several aspects of its operations, including: (i) continued modernization and expansion of its operations; (ii) efficient use of operating factors like energy; and (iii) improvement of environmental and social standards. Having access to long-term funding to support the investments needed to maintain competitiveness is key for this type of companies. The US$4.7 million project consists of a senior secured financing that will support the Companies’ working capital to expand operations, investments for expansion to increase their storage capacity and debt refinancing. The loan will have up to 10-year tenor including 12-month grace period and will be secured by the Companies’ assets. IDB Invest’s financing will be complemented by advisory services related to energy efficiency and renewable energy. The proposed financing to the Companies will support streamlining of inventory and logistics facilitating cash availability allowing for continued supply of goods from its main suppliers in Central America at cost effective pricing which is essential to support economic recovery and reduce the strain on consumers. The need to ensure the use of technology to make their operations smarter and more efficient translating into better prices and access for consumers. Recinos Imports recognizes that to move forward with its business expansion, it has to stay competitive and gain greater control of several aspects of its operations, including: (i) continued modernization and expansion of its operations; (ii) efficient use of operating factors like energy; and (iii) improvement of environmental and social standards. Having access to long-term funding to support the investments needed to maintain competitiveness is key for this type of companies.
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Pro-Diagnóstico S.A. Founded in 1994, Prodiagnóstico S.A. is a Colombian health services provider. It specializes in medical diagnosis via imaging and minimally invasive procedures, using advanced medical technology and innovative scientific techniques. It provides its services at clinics and hospitals, and currently has 22 service agreements with 12 nationally recognized hospitals and clinics.The aim of this IIC operation is to provide Prodiagnóstico with financing of up to US$1.5 million to support the expansion of its activities and refinance a portion of its debt. Founded in 1994, Prodiagnóstico S.A. is a Colombian health services provider. It specializes in medical diagnosis via imaging and minimally invasive procedures, using advanced medical technology and innovative scientific techniques. It provides its services at clinics and hospitals, and currently has 22 service agreements with 12 nationally recognized hospitals and clinics.The aim of this IIC operation is to provide Prodiagnóstico with financing of up to US$1.5 million to support the expansion of its activities and refinance a portion of its debt.
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AVLA - Social Housing Financing The proposed project includes a financing mechanism that will consist of a senior, secured, revolving warehouse facility of up to US$50 million, whose proceeds will be used to purchase and accumulate eligible endorsable mortgage loans or other similar instruments granted to individuals, with a particular focus on diversity and inclusion, for future total or partial asset-backed securitizations in the Chilean capital markets. The transaction will support and improve certain diversity and inclusion segments access to financing in Chile, narrowing the current financing gap that is increasing due to the COVID-19 crisis, and will help further expand debt capital markets in the country through new issuances of asset-backed securities. The proceeds from the line will allow AVLA Group to expand its origination of mortgage loans. The warehousing facility may support several accumulation periods, for a maximum total availability period of six years. The proposed project includes a financing mechanism that will consist of a senior, secured, revolving warehouse facility of up to US$50 million, whose proceeds will be used to purchase and accumulate eligible endorsable mortgage loans or other similar instruments granted to individuals, with a particular focus on diversity and inclusion, for future total or partial asset-backed securitizations in the Chilean capital markets. The transaction will support and improve certain diversity and inclusion segments access to financing in Chile, narrowing the current financing gap that is increasing due to the COVID-19 crisis, and will help further expand debt capital markets in the country through new issuances of asset-backed securities. The proceeds from the line will allow AVLA Group to expand its origination of mortgage loans. The warehousing facility may support several accumulation periods, for a maximum total availability period of six years.
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Farmaenlace Cía. Ltda Farmaenlace is an Ecuadorian company that imports, distributes, sales, and commercializes medicines, drug preparations, sanitary and medical articles and instruments, among others. It has other commercial product lines in minor scale, which are part of their portfolio mix at their own pharmacies stores.The Company has two business lines: (i) pharmaceutical distribution, focused on independent pharmacies or associates stores, and (ii) direct sales through its own pharmacies chains (with almost 500 pharmacies stores in Ecuador).The loan to Farmaenlace aims to provide medium-term financing for the expansion of pharmacies, mainly through the franchise format of “Farmacias Economicas”. The estimated cost of the project is US$ 10 million, which would be executed during the years 2016 and 2017.With IIC’s participation, Farmaenlace will be able to scale with greater intensity a unique model of franchises in the country, through which the entrepreneurship of small independent pharmacists or entrepreneurs is encouraged. At the same time that jobs are created, the populations or communities where the pharmacies are opened, will have greater access to medicines and related goods, as well as better prices and certain health services that are offered with some regularity. Farmaenlace is an Ecuadorian company that imports, distributes, sales, and commercializes medicines, drug preparations, sanitary and medical articles and instruments, among others. It has other commercial product lines in minor scale, which are part of their portfolio mix at their own pharmacies stores.The Company has two business lines: (i) pharmaceutical distribution, focused on independent pharmacies or associates stores, and (ii) direct sales through its own pharmacies chains (with almost 500 pharmacies stores in Ecuador).The loan to Farmaenlace aims to provide medium-term financing for the expansion of pharmacies, mainly through the franchise format of “Farmacias Economicas”. The estimated cost of the project is US$ 10 million, which would be executed during the years 2016 and 2017.With IIC’s participation, Farmaenlace will be able to scale with greater intensity a unique model of franchises in the country, through which the entrepreneurship of small independent pharmacists or entrepreneurs is encouraged. At the same time that jobs are created, the populations or communities where the pharmacies are opened, will have greater access to medicines and related goods, as well as better prices and certain health services that are offered with some regularity.
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Green financing agreement with Davivienda El Salvador The proposed transaction consists of a senior unsecured loan to Banco Davivienda, S.A. (“Davivienda ES” or the “Bank”) denominated in US dollars (US$) for up to US$100 million (the “project”). The project financing will be structured as follows: (i) US$35 million from IDB Invest; (ii) US$15 million mobilized through potential cofinancing, financed by IDB Invest in its capacity as administrator of the China Co-financing Fund for Latin America and the Caribbean (the “Fund”); and (iv) US$50 million mobilized through co-financiers or “B” lenders. The objective of the project is to support Davivienda El Salvador in the development of its portfolio of financing for environmentally friendly projects (“green loans”) in El Salvador. At the same time, IDB Invest will provide advisory services that will focus on monitoring these projects, as well as on measuring impact indicators and the bank’s contribution to them.As part of its institutional response and to mitigate the economic crisis caused by the Covid-19 pandemic, IDB Invest is prioritizing financing through financial institutions to ensure member countries have the resources they need for development projects. The proposed transaction consists of a senior unsecured loan to Banco Davivienda, S.A. (“Davivienda ES” or the “Bank”) denominated in US dollars (US$) for up to US$100 million (the “project”). The project financing will be structured as follows: (i) US$35 million from IDB Invest; (ii) US$15 million mobilized through potential cofinancing, financed by IDB Invest in its capacity as administrator of the China Co-financing Fund for Latin America and the Caribbean (the “Fund”); and (iv) US$50 million mobilized through co-financiers or “B” lenders. The objective of the project is to support Davivienda El Salvador in the development of its portfolio of financing for environmentally friendly projects (“green loans”) in El Salvador. At the same time, IDB Invest will provide advisory services that will focus on monitoring these projects, as well as on measuring impact indicators and the bank’s contribution to them.As part of its institutional response and to mitigate the economic crisis caused by the Covid-19 pandemic, IDB Invest is prioritizing financing through financial institutions to ensure member countries have the resources they need for development projects.
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Garantizar SGR II The proposed operation consists of a lending program, preferably in local currency. Its objective is to finance eligible projects via loans to small and medium-size enterprises (SMEs) in the Argentine Republic, with a corporate guarantee from Garantizar SGR. These small and medium-size enterprises require either medium or long-term financing in order to carry out their operations. Financing with appropriate terms will make it possible to generate direct and indirect employment and improve the financial structure of SMEs, which currently have limited access to financing with terms of more than one year. The proposed transaction includes two additional components: a contribution to Garantizar’s capital stock and a contribution to the risk fund. These components amount to approximately ARG$2 million.Garantizar is a mutual guarantee association (sociedad de garantía recíproca, or SGR) that provides loan guarantees to its beneficiary shareholders. The guarantees, which make it easier for the members to obtain credit, are backed by equity contributed by the guarantee association’s sponsoring shareholders. Garantizar SGR is one of Argentina’s oldest and largest SGRs. Garantizar’s main shareholders, which are also sponsoring shareholders, are Banco de la Nación de Argentina and Banco de la Ciudad de Buenos Aires. The private sector–beneficiary shareholders in agribusiness and manufacturing–accounts for a majority ownership, with more than 51% of Garantizar SGR’s shares. The proposed operation consists of a lending program, preferably in local currency. Its objective is to finance eligible projects via loans to small and medium-size enterprises (SMEs) in the Argentine Republic, with a corporate guarantee from Garantizar SGR. These small and medium-size enterprises require either medium or long-term financing in order to carry out their operations. Financing with appropriate terms will make it possible to generate direct and indirect employment and improve the financial structure of SMEs, which currently have limited access to financing with terms of more than one year. The proposed transaction includes two additional components: a contribution to Garantizar’s capital stock and a contribution to the risk fund. These components amount to approximately ARG$2 million.Garantizar is a mutual guarantee association (sociedad de garantía recíproca, or SGR) that provides loan guarantees to its beneficiary shareholders. The guarantees, which make it easier for the members to obtain credit, are backed by equity contributed by the guarantee association’s sponsoring shareholders. Garantizar SGR is one of Argentina’s oldest and largest SGRs. Garantizar’s main shareholders, which are also sponsoring shareholders, are Banco de la Nación de Argentina and Banco de la Ciudad de Buenos Aires. The private sector–beneficiary shareholders in agribusiness and manufacturing–accounts for a majority ownership, with more than 51% of Garantizar SGR’s shares.
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Eco-business Fund para Latino-America y el Caribe The objective of the Fund is to promote business practices that contribute to biodiversity conservation and the sustainable use of natural resources through the provision of dedicated financing and technical assistance. Eco-Business is a regional fund and targets only investments in the Latin American and Caribbean (“LAC”) region, its investment activities focus on sustainable agriculture and agri-processing, forestry, fishery and aquaculture, and tourism.The Fund channels financing to local producers, primarily via financial institutions (“FIs”) that operate according to the principles of responsible finance. In limited cases (max. 15% of the total portfolio), the Fund also provides direct financing for high-impact businesses and projects. To enhance the impact of its investments, the Fund has created a development facility to complement its investments with technical assistance both to the FI level and to the final beneficiaries for capacity building, market studies and impact assessment activities.The Fund size is targeted at US$300 million. IIC’s Financing would consist of an unsecured subordinated financing of up to the lesser of (i) US$60 million or (ii) 25% of the Fund size, with a tenor of up to 6 years and an up to 3 year commitment period. It is expected that the financing will include (a) an IIC-IDB subordinated loan of up to US$40 million, and (b) a potential subordinated co-financing of up to US$20 million from the China Fund. The additional funding of Eco-Business will be comprised of equity and senior loans expected to come from domestic and international private institutional investors as well as development financial institutions.The main development impact of the project will be to expand access to finance for sustainable businesses. The success of the project is expected to demonstrate to the financial markets that sustainable businesses can represent an attractive sector with measured risk, attractive returns and substantial growth potential, thus encouraging FIs in the region to direct more resources to this sector. The project will promote the connection of FIs interested in strategically and systematically financing sustainable businesses with institutional investors and technical assistance resources. The objective of the Fund is to promote business practices that contribute to biodiversity conservation and the sustainable use of natural resources through the provision of dedicated financing and technical assistance. Eco-Business is a regional fund and targets only investments in the Latin American and Caribbean (“LAC”) region, its investment activities focus on sustainable agriculture and agri-processing, forestry, fishery and aquaculture, and tourism.The Fund channels financing to local producers, primarily via financial institutions (“FIs”) that operate according to the principles of responsible finance. In limited cases (max. 15% of the total portfolio), the Fund also provides direct financing for high-impact businesses and projects. To enhance the impact of its investments, the Fund has created a development facility to complement its investments with technical assistance both to the FI level and to the final beneficiaries for capacity building, market studies and impact assessment activities.The Fund size is targeted at US$300 million. IIC’s Financing would consist of an unsecured subordinated financing of up to the lesser of (i) US$60 million or (ii) 25% of the Fund size, with a tenor of up to 6 years and an up to 3 year commitment period. It is expected that the financing will include (a) an IIC-IDB subordinated loan of up to US$40 million, and (b) a potential subordinated co-financing of up to US$20 million from the China Fund. The additional funding of Eco-Business will be comprised of equity and senior loans expected to come from domestic and international private institutional investors as well as development financial institutions.The main development impact of the project will be to expand access to finance for sustainable businesses. The success of the project is expected to demonstrate to the financial markets that sustainable businesses can represent an attractive sector with measured risk, attractive returns and substantial growth potential, thus encouraging FIs in the region to direct more resources to this sector. The project will promote the connection of FIs interested in strategically and systematically financing sustainable businesses with institutional investors and technical assistance resources.
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Hotel La Compañia El Valle IDB Invest proposes to fund up to US$5 million for the acquisition, renovation and rebranding of Hotel Los Mandarinos, an existing 70-room standalone hotel, together with a restaurant and an event venue. Once the hotel is fully built, it will be rebranded as Hotel La Compañía El Valle and will be operated as part of The Unbound Collection by Hyatt portfolio.The Project is expected to contribute to the economic development of Anton Valley by supporting the first hotel affiliated to an international brand in the area and one of the first ones outside the City of Panama. The Project’s development goals include: (i) increasing service export thanks to an improved use of the existing hotel infrastructure and (ii) creating business opportunities for local suppliers and employees. IDB Invest proposes to fund up to US$5 million for the acquisition, renovation and rebranding of Hotel Los Mandarinos, an existing 70-room standalone hotel, together with a restaurant and an event venue. Once the hotel is fully built, it will be rebranded as Hotel La Compañía El Valle and will be operated as part of The Unbound Collection by Hyatt portfolio.The Project is expected to contribute to the economic development of Anton Valley by supporting the first hotel affiliated to an international brand in the area and one of the first ones outside the City of Panama. The Project’s development goals include: (i) increasing service export thanks to an improved use of the existing hotel infrastructure and (ii) creating business opportunities for local suppliers and employees.
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Peninsula Investment Fund The Project consists of an IDB Invest financing via a series of loans equivalent to US$60 million in the aggregate, but to be provided in four different currencies to Peninsula IV Levered-O L.P., a feeder fund of Peninsula Investments Group IV, L.P., which is an investment fund that invests in middle-income for-sale and/or for-rent residential development projects and mixed-use development projects across Latin America. The project objective is to increase the availability of equity financing to residential and mixed-use real estate projects targeted to middle-income households in the Latin American region. The Fund Manager is Management Peninsula, Ltd., a company composed of a team of qualified professionals who have developed significant experience managing three regional residential development funds of an aggregate amount of above US$255 million.Peninsula seeks to add value at both the investment and developer level by providing equity and debt financing to each of the residential and mixed-use real estate projects, maintaining control on key project decisions, assisting developers in defining the marketing, sales, construction and financing strategy, and training its development partners to implement sophisticated systems into their sales and construction processes. Additionally, Peninsula seeks to optimize financial performance by actively monitoring these processes throughout the life cycle of every project. The Project consists of an IDB Invest financing via a series of loans equivalent to US$60 million in the aggregate, but to be provided in four different currencies to Peninsula IV Levered-O L.P., a feeder fund of Peninsula Investments Group IV, L.P., which is an investment fund that invests in middle-income for-sale and/or for-rent residential development projects and mixed-use development projects across Latin America. The project objective is to increase the availability of equity financing to residential and mixed-use real estate projects targeted to middle-income households in the Latin American region. The Fund Manager is Management Peninsula, Ltd., a company composed of a team of qualified professionals who have developed significant experience managing three regional residential development funds of an aggregate amount of above US$255 million.Peninsula seeks to add value at both the investment and developer level by providing equity and debt financing to each of the residential and mixed-use real estate projects, maintaining control on key project decisions, assisting developers in defining the marketing, sales, construction and financing strategy, and training its development partners to implement sophisticated systems into their sales and construction processes. Additionally, Peninsula seeks to optimize financial performance by actively monitoring these processes throughout the life cycle of every project.
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ERPAR SAE MEDA,1 one of the project’s main sponsors, is a nongovernmental organization (NGO) that supports socioeconomic development programs in several Latin American countries, as well as countries in southern Africa and the former Soviet Union. MEDA Paraguay ("MEDA Py") was created in 1996 to bring together businesspeople interested in investing in agribusinesses in Paraguay. Its goal is to fight poverty and strengthen the economic and social fabric. The organization has developed successful socioeconomic models in other parts of the country targeting areas with the largest population of small farmers.The project consists of building an agribusiness plant to produce ethanol (fuel alcohol) from processed sugar cane and/or cassava with a production capacity of 40,000 liters of alcohol per day (some 12 million liters per year when operating at full capacity). The plant will be located in north central Paraguay, in the department of San Pedro. It also involves planting some 400 hectares of sugar cane to supply about 35%-40% of the sugar cane required as a raw material. The project is expected to directly benefit at least 400 sugar cane producers and 500 cassava producers, all of them local. The IIC loan would be used to finance part of the industrial plant and the agricultural production module. The loan proposed by the IIC is long-term, with a grace period of up to two years. Such a repayment term is extremely advantageous for the project given the kind of investment required and the time required to reach maturity and the breakeven point.1 (MEDA stands for "Mennonite Economic Development Associates". http://www.meda.org/) MEDA,1 one of the project’s main sponsors, is a nongovernmental organization (NGO) that supports socioeconomic development programs in several Latin American countries, as well as countries in southern Africa and the former Soviet Union. MEDA Paraguay ("MEDA Py") was created in 1996 to bring together businesspeople interested in investing in agribusinesses in Paraguay. Its goal is to fight poverty and strengthen the economic and social fabric. The organization has developed successful socioeconomic models in other parts of the country targeting areas with the largest population of small farmers.The project consists of building an agribusiness plant to produce ethanol (fuel alcohol) from processed sugar cane and/or cassava with a production capacity of 40,000 liters of alcohol per day (some 12 million liters per year when operating at full capacity). The plant will be located in north central Paraguay, in the department of San Pedro. It also involves planting some 400 hectares of sugar cane to supply about 35%-40% of the sugar cane required as a raw material. The project is expected to directly benefit at least 400 sugar cane producers and 500 cassava producers, all of them local. The IIC loan would be used to finance part of the industrial plant and the agricultural production module. The loan proposed by the IIC is long-term, with a grace period of up to two years. Such a repayment term is extremely advantageous for the project given the kind of investment required and the time required to reach maturity and the breakeven point.1 (MEDA stands for "Mennonite Economic Development Associates". http://www.meda.org/)
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Trecsa Guatemala Green Transmission Line Empresa Transportadora de Energía de Centroamérica S.A. (“TRECSA”, the “Company” or the “Client”), a sister company of the Colombian Grupo Energía Bogotá (“GEB”), is building the Project PET-01-2009 (the “Project”) in Guatemala.The Project, which is part of the Transportation System Expansion Plan (“PET”, for its acronym in Spanish) of Guatemala, consists in building and maintaining 783 km of 230 kW electric power transmission lines (“TL”) and 11 new transforming stations (“TS”), as well as expanding 12 existing substations. The Project is organized in 6 stretches (the “Stretches”): i) Stretch A (Metro Pacific Ring), located in the departments of Guatemala, Escuintla, Sacatepéquez and Santa Rosa; ii) Stretch B (Hydraulic Ring), situated in the departments of Huehuetenango and Quiché; iii) Stretch C (Atlantic Ring), placed in the departments of Zacapa and Izabal; iv) Stretch D (Atlantic Ring), located in the departments of Izabal, Alta and Baja Verapaz; v) Stretch E (Hydraulic and Atlantic Ring), situated in the departments of Alta Verapaz, Baja Verapaz and El Progreso and vi) Stretch F (Western Ring), placed in the departments of Chimaltenango, Sacatepéquez, Guatemala, Sololá, Suchitepéquez and Retalhuleu. The Project started in May 2012 and, as of December 31, 2020, its overall progress was of 86.62%. Empresa Transportadora de Energía de Centroamérica S.A. (“TRECSA”, the “Company” or the “Client”), a sister company of the Colombian Grupo Energía Bogotá (“GEB”), is building the Project PET-01-2009 (the “Project”) in Guatemala.The Project, which is part of the Transportation System Expansion Plan (“PET”, for its acronym in Spanish) of Guatemala, consists in building and maintaining 783 km of 230 kW electric power transmission lines (“TL”) and 11 new transforming stations (“TS”), as well as expanding 12 existing substations. The Project is organized in 6 stretches (the “Stretches”): i) Stretch A (Metro Pacific Ring), located in the departments of Guatemala, Escuintla, Sacatepéquez and Santa Rosa; ii) Stretch B (Hydraulic Ring), situated in the departments of Huehuetenango and Quiché; iii) Stretch C (Atlantic Ring), placed in the departments of Zacapa and Izabal; iv) Stretch D (Atlantic Ring), located in the departments of Izabal, Alta and Baja Verapaz; v) Stretch E (Hydraulic and Atlantic Ring), situated in the departments of Alta Verapaz, Baja Verapaz and El Progreso and vi) Stretch F (Western Ring), placed in the departments of Chimaltenango, Sacatepéquez, Guatemala, Sololá, Suchitepéquez and Retalhuleu. The Project started in May 2012 and, as of December 31, 2020, its overall progress was of 86.62%.
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CMI Alimentos III El financiamiento propuesto a CMI Alimentos, uno de los principales grupos de alimentos y agronegocios en Centroamérica, consiste en: (i) un préstamo revolvente comprometido a los Prestatarios por hasta US$40 millones, para asegurar su liquidez de corto y mediano plazo, financiando sus necesidades de capital de trabajo (el “Préstamo de CT”); y (ii) una línea de importaciones no comprometida revolvente a los Prestatarios por hasta US$10 millones, para compra de granos considerando el crecimiento de sus operaciones y el alza en precio de los granos (la “Línea de Importaciones” y en conjunto con el Préstamo de CT, el “Financiamiento”). Los objetivos de desarrollo del Financiamiento incluyen: (i) incrementar la producción de alimentos, protegiendo el suministro de alimentos en los mercados domésticos; (ii) fortalecer los vínculos de mercado con la cadena de suministro regional; y (iii) apoyar el empleo, incluyendo en zonas de elevada pobreza. El financiamiento propuesto a CMI Alimentos, uno de los principales grupos de alimentos y agronegocios en Centroamérica, consiste en: (i) un préstamo revolvente comprometido a los Prestatarios por hasta US$40 millones, para asegurar su liquidez de corto y mediano plazo, financiando sus necesidades de capital de trabajo (el “Préstamo de CT”); y (ii) una línea de importaciones no comprometida revolvente a los Prestatarios por hasta US$10 millones, para compra de granos considerando el crecimiento de sus operaciones y el alza en precio de los granos (la “Línea de Importaciones” y en conjunto con el Préstamo de CT, el “Financiamiento”). Los objetivos de desarrollo del Financiamiento incluyen: (i) incrementar la producción de alimentos, protegiendo el suministro de alimentos en los mercados domésticos; (ii) fortalecer los vínculos de mercado con la cadena de suministro regional; y (iii) apoyar el empleo, incluyendo en zonas de elevada pobreza.
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Proyecto DCM #12 IDB Invest is considering an investment through the purchase of securities for up to US$25 million (“the Project”) in a manufacturing company in the Dominican Republic (the “Client”). The resources from this operation will be used for capital investments, asset acquisitions that improve the company’s operating efficiency, and to refinance the Client's debt.For as long as IDB Invest is the holder of the securities in question, its commitment to this investment will be subject to the Client complying with IDB Invest's Environmental and Social Sustainability Policy. IDB Invest is considering an investment through the purchase of securities for up to US$25 million (“the Project”) in a manufacturing company in the Dominican Republic (the “Client”). The resources from this operation will be used for capital investments, asset acquisitions that improve the company’s operating efficiency, and to refinance the Client's debt.For as long as IDB Invest is the holder of the securities in question, its commitment to this investment will be subject to the Client complying with IDB Invest's Environmental and Social Sustainability Policy.
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Air-e Colombia Providing long-term guaranteed corporate financing to Air-e S.A.S. E.S.P. (the “Company or Aire”). Aire is the third largest energy distribution and commercialization company in Colombia, serving 1.25 million users in the departments of Atlántico, La Guajira and Magdalena. In 2020, the Company was selected by the national government to assume the operation of the regional electrical network, replacing the previous operator with the commitment to improve efficiency in service provision, increase quality indices and reduce distribution system losses. .IDB Invest will provide term financing for an approximate amount of COP 180,000 million. Through this operation, IDB Invest seeks to improve the quality of the electricity service in the Colombian Caribbean area. Providing long-term guaranteed corporate financing to Air-e S.A.S. E.S.P. (the “Company or Aire”). Aire is the third largest energy distribution and commercialization company in Colombia, serving 1.25 million users in the departments of Atlántico, La Guajira and Magdalena. In 2020, the Company was selected by the national government to assume the operation of the regional electrical network, replacing the previous operator with the commitment to improve efficiency in service provision, increase quality indices and reduce distribution system losses. .IDB Invest will provide term financing for an approximate amount of COP 180,000 million. Through this operation, IDB Invest seeks to improve the quality of the electricity service in the Colombian Caribbean area.
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Guarantee Program with Wells Fargo Bank, N.A. The proposed project involves risk participation where the IIC will provide an unfunded guarantee of up to US$45 million for a program life of up to 3 years to Wells Fargo for trade finance transactions in Ecuador, El Salvador, Guatemala, and Honduras. Under this program, these trade finance transactions will have tenors of up to 1 year, and transactions will benefit SMEs in the target countries through operations with 13 selected banks in the 4 countries.The proposed project is a direct fit with the IIC’s strategic focus to increase access to finance for local financial institutions in the region by risk-sharing in a portfolio of emerging market trade assets with a partner bank active in the region. The proposed project involves risk participation where the IIC will provide an unfunded guarantee of up to US$45 million for a program life of up to 3 years to Wells Fargo for trade finance transactions in Ecuador, El Salvador, Guatemala, and Honduras. Under this program, these trade finance transactions will have tenors of up to 1 year, and transactions will benefit SMEs in the target countries through operations with 13 selected banks in the 4 countries.The proposed project is a direct fit with the IIC’s strategic focus to increase access to finance for local financial institutions in the region by risk-sharing in a portfolio of emerging market trade assets with a partner bank active in the region.
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Los Portales S.A. In operation since 1996, Los Portales S.A. is a Peruvian company with the following core business lines: (i) hospitality services, including the operation of five 3- to 5-star hotels catering to corporate and executive travelers (the Country Club Hotel in Lima, and the Los Portales hotels in Tarma, Piura, Chiclayo, and Cusco; (ii) real estate services, focusing on real property sales through urban land development and low-cost housing projects; and (iii) parking facilities services, including the operation, utilization, and management of its own such facilities via franchise or lease.The IIC loan for up to US$3.5 million would be used primarily to expand and remodel facilities of the Los Portales S.A. hotel division. In operation since 1996, Los Portales S.A. is a Peruvian company with the following core business lines: (i) hospitality services, including the operation of five 3- to 5-star hotels catering to corporate and executive travelers (the Country Club Hotel in Lima, and the Los Portales hotels in Tarma, Piura, Chiclayo, and Cusco; (ii) real estate services, focusing on real property sales through urban land development and low-cost housing projects; and (iii) parking facilities services, including the operation, utilization, and management of its own such facilities via franchise or lease.The IIC loan for up to US$3.5 million would be used primarily to expand and remodel facilities of the Los Portales S.A. hotel division.
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ACCION Digital Transformation Fund IDB Invest is considering an equity investment up to US$10 million (including resources from IDB Invest’s administered funds) in the Accion Digital Transformation Fund (“the Fund”), an investment fund providing growth capital to microfinance institutions (“MFIs”) seeking to digitize their transactions and products. The Fund will be managed by Accion International (“Accion” or the “Fund Manager”), a pioneer in the microfinance sector with over 50 years of global experience in this segment.The COVID- 19 pandemic has increased the financial gap for micro, small and medium-sized enterprises ("MSMEs") and has specifically affected women, who represent the majority of MFI borrowers. Access to financial services is key to MSME recovery, and digitizing those services will accelerate financial inclusion. By investing in the Fund, IDB Invest would help bridge the MSME financial gap. The Fund would mark the beginning of a strategic cooperation with Accion, which is committed to financial inclusion focused on technical assistance and co-investments for MFIs in the region. The Fund plans to invest in a total of 8-12 MFIs in Asia, Africa and Latin America. IDB Invest will support investments in Latin America . Investments in MFIs are estimated to be between US$8 million and US$10 million. IDB Invest is considering an equity investment up to US$10 million (including resources from IDB Invest’s administered funds) in the Accion Digital Transformation Fund (“the Fund”), an investment fund providing growth capital to microfinance institutions (“MFIs”) seeking to digitize their transactions and products. The Fund will be managed by Accion International (“Accion” or the “Fund Manager”), a pioneer in the microfinance sector with over 50 years of global experience in this segment.The COVID- 19 pandemic has increased the financial gap for micro, small and medium-sized enterprises ("MSMEs") and has specifically affected women, who represent the majority of MFI borrowers. Access to financial services is key to MSME recovery, and digitizing those services will accelerate financial inclusion. By investing in the Fund, IDB Invest would help bridge the MSME financial gap. The Fund would mark the beginning of a strategic cooperation with Accion, which is committed to financial inclusion focused on technical assistance and co-investments for MFIs in the region. The Fund plans to invest in a total of 8-12 MFIs in Asia, Africa and Latin America. IDB Invest will support investments in Latin America . Investments in MFIs are estimated to be between US$8 million and US$10 million.
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Naturasol II The transaction consists of a Senior secured loan for up to Mex $300 million for a term of 8 years (including a grace period of 2 years), to finance the acquisition of land and subsequent construction of a distribution center (“CEDIS”) in Mexico City. The CEDIS is strategically located with respect to the snack, cereal and peanut production facility, as well as the honey plant. The Project will allow the consolidation of the logistics operations of the finished product, achieving operational improvements for the company. In addition, it will allow a higher rate of growth of the installed productive capacity towards spaces that are currently occupied by inventories to be relocated to the new distribution center. The transaction consists of a Senior secured loan for up to Mex $300 million for a term of 8 years (including a grace period of 2 years), to finance the acquisition of land and subsequent construction of a distribution center (“CEDIS”) in Mexico City. The CEDIS is strategically located with respect to the snack, cereal and peanut production facility, as well as the honey plant. The Project will allow the consolidation of the logistics operations of the finished product, achieving operational improvements for the company. In addition, it will allow a higher rate of growth of the installed productive capacity towards spaces that are currently occupied by inventories to be relocated to the new distribution center.
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TIA Trade Finance The transaction consists in an uncommitted revolving reverse factoring credit line (the “Transaction) to be granted by IDB Invest to Tiendas Industriales Asociadas TÍA S.A. in Ecuador (“Tiendas TÍA” or the “Company”). At its sole discretion, IDB Invest will be entitled to: purchase and discount the credit rights held by suppliers payable by Tiendas TÍA previously confirmed by the latter through an eligible electronic platform.The Company was organized in Guayaquil, Ecuador, in 1959. Since then it has expanded countrywide and currently owns 242 stores (158 in the Costa, 73 in the Sierra and 11 in the Amazonía regions) with a headcount of over 8,000. The Company’s main activity is the wholesale and retail sale of food, clothing and products in general through its stores under the commercial brand “Tía” focused on serving the customers at the base of the pyramid.Through the Transaction, IDB Invest seeks to enable financing under competitive conditions for Tiendas TÍA’s suppliers, which are mostly MSMEs, in Ecuador by discounting or monetizing their credit rights arising from the sale of goods and/or services to Tiendas TÍA. The transaction consists in an uncommitted revolving reverse factoring credit line (the “Transaction) to be granted by IDB Invest to Tiendas Industriales Asociadas TÍA S.A. in Ecuador (“Tiendas TÍA” or the “Company”). At its sole discretion, IDB Invest will be entitled to: purchase and discount the credit rights held by suppliers payable by Tiendas TÍA previously confirmed by the latter through an eligible electronic platform.The Company was organized in Guayaquil, Ecuador, in 1959. Since then it has expanded countrywide and currently owns 242 stores (158 in the Costa, 73 in the Sierra and 11 in the Amazonía regions) with a headcount of over 8,000. The Company’s main activity is the wholesale and retail sale of food, clothing and products in general through its stores under the commercial brand “Tía” focused on serving the customers at the base of the pyramid.Through the Transaction, IDB Invest seeks to enable financing under competitive conditions for Tiendas TÍA’s suppliers, which are mostly MSMEs, in Ecuador by discounting or monetizing their credit rights arising from the sale of goods and/or services to Tiendas TÍA.
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St. Georges Financing Partnership for SMEs The proposed transaction consists of a senior unsecured financing to St. Georges Bank & Company Inc. (the “Bank”) of up to US$25 million which is expected to be comprised as follows: (i) IDB Invest Senior Loan of up to US$5 million to be funded by the IDB Invest with a three-year tenor; (ii) IDB Subordinated A Loan of up to US$20 million to be funded by the IDB Invest with an 8-year tenor. The Project will be complemented by supporting the Bank on developing a Sustainable Finance initiative that will include four layers of advisory services support. First, the development of corporate sustainability policy. Second, the establishment of procedures and capabilities that allow the Bank’s functionaries to identify and manage green investments in SME segment. Third, the analysis and improvement of risk policy on environmental, social and climate risk. Fourth, support the Bank on maximizing benefits from the previous three layers to increase SMEs credit origination in sustainable investments. The proposed transaction consists of a senior unsecured financing to St. Georges Bank & Company Inc. (the “Bank”) of up to US$25 million which is expected to be comprised as follows: (i) IDB Invest Senior Loan of up to US$5 million to be funded by the IDB Invest with a three-year tenor; (ii) IDB Subordinated A Loan of up to US$20 million to be funded by the IDB Invest with an 8-year tenor. The Project will be complemented by supporting the Bank on developing a Sustainable Finance initiative that will include four layers of advisory services support. First, the development of corporate sustainability policy. Second, the establishment of procedures and capabilities that allow the Bank’s functionaries to identify and manage green investments in SME segment. Third, the analysis and improvement of risk policy on environmental, social and climate risk. Fourth, support the Bank on maximizing benefits from the previous three layers to increase SMEs credit origination in sustainable investments.
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Distributeurs Nationaux S.A. The Distributeurs Nationaux S.A. ("Dinasa") project consists of acquiring the assets and liabilities of Chevron Haiti Inc. through an acquisition of 100% of the shares of the latter. GB Group has requested that the Inter-American Investment Corporation (IIC) arrange an eight-year term loan comprising an A tranche and a B tranche in order to proceed with this transaction. GB Group and Unifinance from Haiti are shareholders of Distributeurs Nationaux S.A. Dinasa will consolidate Chevron Haiti Inc. The proposed transaction consists of a loan of up to US$18,000,000.The GB Group is an industrial and commercial conglomerate with interests in steel, food, and energy in Haiti where it has operated in Haiti since the 1980s. Unifinance S.A. is a wholly-owned subsidiary of UNIBANK S.A., the largest commercial bank in Haiti. It provides investment and merchang banking services to Haitian and foreign clients in corporate finance, commercial paper and securities issuance. It is part of Groupe Financier National, a diversified financial group of eleven (11) companies. Dinasa is a corporation organized under the laws of Haiti that imports, stores, processes, and sells hydrocarbons and derivatives of petroleum products. Dinasa plans to make Chevron Haiti Inc. a fully local company. Chevron Haiti Inc. is currently a British Virgin Island corporation. With this operation, the IIC will be supporting the consolidation of the only local group in the energy market in Haiti by providing the long-term financing (up to eight years) that such projects usually require. The company plans to implement an environmental and social action plan to improve the conditions of the sector in Haiti and also expects to improve the access of the domestic population to LPG to provide a substitute for charcoal. The IIC will provide guidance on best practices regarding environmental and occupational health and safety issues. The IIC has obtained technical assistance resources from the Korea-IIC SME Development Trust Fund for phase one, which involves carrying out the environmental and social due diligence review of Dinasa and Chevron facilities. Dinasa has also engaged international consultants to support the environmental due diligence process. The Distributeurs Nationaux S.A. ("Dinasa") project consists of acquiring the assets and liabilities of Chevron Haiti Inc. through an acquisition of 100% of the shares of the latter. GB Group has requested that the Inter-American Investment Corporation (IIC) arrange an eight-year term loan comprising an A tranche and a B tranche in order to proceed with this transaction. GB Group and Unifinance from Haiti are shareholders of Distributeurs Nationaux S.A. Dinasa will consolidate Chevron Haiti Inc. The proposed transaction consists of a loan of up to US$18,000,000.The GB Group is an industrial and commercial conglomerate with interests in steel, food, and energy in Haiti where it has operated in Haiti since the 1980s. Unifinance S.A. is a wholly-owned subsidiary of UNIBANK S.A., the largest commercial bank in Haiti. It provides investment and merchang banking services to Haitian and foreign clients in corporate finance, commercial paper and securities issuance. It is part of Groupe Financier National, a diversified financial group of eleven (11) companies. Dinasa is a corporation organized under the laws of Haiti that imports, stores, processes, and sells hydrocarbons and derivatives of petroleum products. Dinasa plans to make Chevron Haiti Inc. a fully local company. Chevron Haiti Inc. is currently a British Virgin Island corporation. With this operation, the IIC will be supporting the consolidation of the only local group in the energy market in Haiti by providing the long-term financing (up to eight years) that such projects usually require. The company plans to implement an environmental and social action plan to improve the conditions of the sector in Haiti and also expects to improve the access of the domestic population to LPG to provide a substitute for charcoal. The IIC will provide guidance on best practices regarding environmental and occupational health and safety issues. The IIC has obtained technical assistance resources from the Korea-IIC SME Development Trust Fund for phase one, which involves carrying out the environmental and social due diligence review of Dinasa and Chevron facilities. Dinasa has also engaged international consultants to support the environmental due diligence process.
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Agripac S.A. Agripac S.A. is a leader in the manufacturing and marketing of agribusiness inputs in Ecuador specializing in agrochemicals, fertilizers, and animal feed. It has grown from an agrochemical marketing firm into a more diversified enterprise with value-added products such as animal feed concentrates (for fish farming, livestock, poultry, and pets) and its own distribution network.Armed with more than 40 years of market experience, Agripac has a large nationwide presence with over 160 sales outlets selling its products and providing support and advisory services to small and medium-sized farmers and agribusinesses. Its innovative business development programs attest to the group’s management capability and its focus on supporting small farmers. Specific examples include (i) its "la Escuelita" (or Academy) program for the recruitment of young professionals/recent graduates; (ii) its financial services for small customers/farmers offered through Banco de Guayaquil’s "Banco del Barrio" program (a neighborhood banking network); and (iii) triangulation programs supplying inputs to small farmers growing corn and other crops in exchange for their agreement to sell their crops to Agripac for use in the production of balanced feeds or pet products as part of its sales line.The objective of this IIC operation is to provide financing for capital investments, including plant upgrades and additional investment in the area of crop dusting. The long-term IIC loan will complement Agripac’s other available sources of funding and help strengthen its financial position by improving the maturity profile of its liabilities. Agripac S.A. is a leader in the manufacturing and marketing of agribusiness inputs in Ecuador specializing in agrochemicals, fertilizers, and animal feed. It has grown from an agrochemical marketing firm into a more diversified enterprise with value-added products such as animal feed concentrates (for fish farming, livestock, poultry, and pets) and its own distribution network.Armed with more than 40 years of market experience, Agripac has a large nationwide presence with over 160 sales outlets selling its products and providing support and advisory services to small and medium-sized farmers and agribusinesses. Its innovative business development programs attest to the group’s management capability and its focus on supporting small farmers. Specific examples include (i) its "la Escuelita" (or Academy) program for the recruitment of young professionals/recent graduates; (ii) its financial services for small customers/farmers offered through Banco de Guayaquil’s "Banco del Barrio" program (a neighborhood banking network); and (iii) triangulation programs supplying inputs to small farmers growing corn and other crops in exchange for their agreement to sell their crops to Agripac for use in the production of balanced feeds or pet products as part of its sales line.The objective of this IIC operation is to provide financing for capital investments, including plant upgrades and additional investment in the area of crop dusting. The long-term IIC loan will complement Agripac’s other available sources of funding and help strengthen its financial position by improving the maturity profile of its liabilities.
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Huemul Portfolio The Huemul project portfolio (henceforth, the “Project” or the “Portfolio”) consists of the construction and operation of three wind farms and two solar power plants in Chile (henceforth, the “Subprojects"), with a total installed capacity of 630.2 megawatts (MW). The wind farm projects include the following: (i) the Ckani Subproject located in Calama, with an installed capacity of 109.2 MW; (ii) the Llanos del Viento Subproject located in Antofagasta, with an installed capacity of 160.0 MW; and (iii) the Puelche Sur Subproject located in the Los Lagos Region, with an installed capacity of 156.0 MW. The solar projects include (i) the Pampa Tigre Subproject located in Antofagasta, with an installed capacity of 100.0 MW; and (ii) the Valle Escondido Subproject located in the Atacama Region, with an installed capacity of 105.0 MW. IDB Invest’s participation in the financing will contribute to increasing the supply of renewable energy in Chile. The Huemul project portfolio (henceforth, the “Project” or the “Portfolio”) consists of the construction and operation of three wind farms and two solar power plants in Chile (henceforth, the “Subprojects"), with a total installed capacity of 630.2 megawatts (MW). The wind farm projects include the following: (i) the Ckani Subproject located in Calama, with an installed capacity of 109.2 MW; (ii) the Llanos del Viento Subproject located in Antofagasta, with an installed capacity of 160.0 MW; and (iii) the Puelche Sur Subproject located in the Los Lagos Region, with an installed capacity of 156.0 MW. The solar projects include (i) the Pampa Tigre Subproject located in Antofagasta, with an installed capacity of 100.0 MW; and (ii) the Valle Escondido Subproject located in the Atacama Region, with an installed capacity of 105.0 MW. IDB Invest’s participation in the financing will contribute to increasing the supply of renewable energy in Chile.
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Dr. Consulta Affordable health in Brazil Dr. Consulta is a healthcare technology (“HealthTech”) company providing low-cost care delivery to low-income patients with a multi-channel approach in Brazil.The proposal consists of an equity investment of up to USD 12 million in Dr. Consulta Ltd. to support the entity to expand operations through the opening of new clinics, including other regions within Brazil, and to develop its technology and its recently acquired healthcare plans (“Cuidar.me”).The investment of up to US$10 million will take place as preferred convertible stock as part of the ongoing Series D equity round, with an estimated term of 7 years term. An additional 20% uncommitted amount may be contributed exclusively to exercise preemptive rights and/or right of first refusal. Dr. Consulta is a healthcare technology (“HealthTech”) company providing low-cost care delivery to low-income patients with a multi-channel approach in Brazil.The proposal consists of an equity investment of up to USD 12 million in Dr. Consulta Ltd. to support the entity to expand operations through the opening of new clinics, including other regions within Brazil, and to develop its technology and its recently acquired healthcare plans (“Cuidar.me”).The investment of up to US$10 million will take place as preferred convertible stock as part of the ongoing Series D equity round, with an estimated term of 7 years term. An additional 20% uncommitted amount may be contributed exclusively to exercise preemptive rights and/or right of first refusal.
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Naturgy Panama: Covid-19 Working Capital Loan The transaction consists of a senior loan with a term of 30 months (the "Transaction”) to Empresa de Distribución Eléctrica Metro-Oeste, S.A. (“EDEMET”) and Empresa de Distribución Eléctrica Chiriquí S.A. (“EDECHI”). EDEMET and EDECHI (“Naturgy Panama” or “the Companies”) have more than 600,000 residential clients and account for 62.67% of total electricity sales in Panama. The loan will be allocated US$80 million to EDEMET and US$40 million to EDECHI, for a total of US$120 million.The purpose of the Transaction is to provide working capital to the Companies to compensate for the lack of liquidity resulting from the deferral of electricity bills during the four-month moratorium approved by the Government of Panama (Law 152 of May 4, 2020) intended to help end-users affected by the economic crisis caused by the global coronavirus (Covid-19) pandemic. The beneficiaries of this Transaction will be the Companies’ end users. The transaction consists of a senior loan with a term of 30 months (the "Transaction”) to Empresa de Distribución Eléctrica Metro-Oeste, S.A. (“EDEMET”) and Empresa de Distribución Eléctrica Chiriquí S.A. (“EDECHI”). EDEMET and EDECHI (“Naturgy Panama” or “the Companies”) have more than 600,000 residential clients and account for 62.67% of total electricity sales in Panama. The loan will be allocated US$80 million to EDEMET and US$40 million to EDECHI, for a total of US$120 million.The purpose of the Transaction is to provide working capital to the Companies to compensate for the lack of liquidity resulting from the deferral of electricity bills during the four-month moratorium approved by the Government of Panama (Law 152 of May 4, 2020) intended to help end-users affected by the economic crisis caused by the global coronavirus (Covid-19) pandemic. The beneficiaries of this Transaction will be the Companies’ end users.
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Banco Internacional de Ecuador The funds will go toward financing for small and medium-sized enterprises in Ecuador in the form of medium- and long-term loans for modernizing and/or expanding these companies or for working capital.The Bank was founded in Quito in 1973. As of June 2015, Banco Internacional held assets worth US$2.7 billion and held an 8.5% market share by assets. The Bank serves the entire country, with 87 service points and a presence in 17 provinces and 28 cities in the coastal, mountain, and Amazonian regions. It has 1,200 employees and a network of more than 350 ATMs. As of the end of 2014, it had 500,000 clients. The Bank’s portfolio breakdown as of June 2015 was as follows: 80% corporate lending; 16% consumer lending; and 4% mortgage lending. The funds will go toward financing for small and medium-sized enterprises in Ecuador in the form of medium- and long-term loans for modernizing and/or expanding these companies or for working capital.The Bank was founded in Quito in 1973. As of June 2015, Banco Internacional held assets worth US$2.7 billion and held an 8.5% market share by assets. The Bank serves the entire country, with 87 service points and a presence in 17 provinces and 28 cities in the coastal, mountain, and Amazonian regions. It has 1,200 employees and a network of more than 350 ATMs. As of the end of 2014, it had 500,000 clients. The Bank’s portfolio breakdown as of June 2015 was as follows: 80% corporate lending; 16% consumer lending; and 4% mortgage lending.
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Proyecto DCM #17 The project consists of a subscription of a social bond with a focus on gender for up to the equivalent in Colombian pesos to US$40 million, to be issued by a Colombian entity through an offer on Colombia’s Second Market. The issue will be divided into two series: (i) Series A, for the equivalent in Colombian pesos of up to US$ 20 million, which will be committed, and will have a term of up to 3 years with a bullet payment; and (ii) Series B, for the equivalent in Colombian pesos of up to US $ 20 million, which will be uncommitted and will have a term of up to 5 years.The proceeds from the issue will be used to grow the entity’s portfolio of loans aimed at women-led micro enterprises projects promoting gender equality in the country, in line with UNDP Sustainable Development Goal 5 on gender equality. A methodological framework will be developed setting eligibility criteria and reporting indicators to enable the proper selection and monitoring of projects to receive financing.IDB Invest will provide technical assistance to obtain a second party opinion confirming the suitability of the methodological framework. IDB Invest will also help the client build a gender-based commercial strategy. The project consists of a subscription of a social bond with a focus on gender for up to the equivalent in Colombian pesos to US$40 million, to be issued by a Colombian entity through an offer on Colombia’s Second Market. The issue will be divided into two series: (i) Series A, for the equivalent in Colombian pesos of up to US$ 20 million, which will be committed, and will have a term of up to 3 years with a bullet payment; and (ii) Series B, for the equivalent in Colombian pesos of up to US $ 20 million, which will be uncommitted and will have a term of up to 5 years.The proceeds from the issue will be used to grow the entity’s portfolio of loans aimed at women-led micro enterprises projects promoting gender equality in the country, in line with UNDP Sustainable Development Goal 5 on gender equality. A methodological framework will be developed setting eligibility criteria and reporting indicators to enable the proper selection and monitoring of projects to receive financing.IDB Invest will provide technical assistance to obtain a second party opinion confirming the suitability of the methodological framework. IDB Invest will also help the client build a gender-based commercial strategy.
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LAC Gender Diversity and Inclusion Fund The Project consists of an investment in the BlueOrchard Latin America and the Caribbean Gender, Diversity, and Inclusion Fund S.C.A., SICAV-RAIF (the “Fund”), the first private debt Gender, Diversity & Inclusion (“GDI”) fund in Latin America and the Caribbean (“LAC”). The Fund will focus on increasing the access to finance to underserved groups by providing financing mainly to Financial Institutions (“FIs”), such as microfinance institutions (“MFIs”), universal banks, fintechs, leasing institutions, factoring companies, and cooperatives that will increase access to finance for women-led and/or -owned Micro, Small and Medium Sized Enterprises (“MSMEs”), indigenous groups, African descendants, people with disabilities, older people, and companies at the forefront of implementation of diversity policies.The Fund will be managed by BlueOrchard Finance Ltd. (the “Fund Manager” or “BlueOrchard”), a leading global impact investment manager with more than 21 years of experience and track record in microfinance and financial inclusion, and more than US$4 billion in Assets under Management (“AUM”). The Project consists of an investment in the BlueOrchard Latin America and the Caribbean Gender, Diversity, and Inclusion Fund S.C.A., SICAV-RAIF (the “Fund”), the first private debt Gender, Diversity & Inclusion (“GDI”) fund in Latin America and the Caribbean (“LAC”). The Fund will focus on increasing the access to finance to underserved groups by providing financing mainly to Financial Institutions (“FIs”), such as microfinance institutions (“MFIs”), universal banks, fintechs, leasing institutions, factoring companies, and cooperatives that will increase access to finance for women-led and/or -owned Micro, Small and Medium Sized Enterprises (“MSMEs”), indigenous groups, African descendants, people with disabilities, older people, and companies at the forefront of implementation of diversity policies.The Fund will be managed by BlueOrchard Finance Ltd. (the “Fund Manager” or “BlueOrchard”), a leading global impact investment manager with more than 21 years of experience and track record in microfinance and financial inclusion, and more than US$4 billion in Assets under Management (“AUM”).
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Creditas Mexico - Structured Financing IDB Invest is considering structured financing for LGF Occidente, S.A. de C.V. SOFOM ENR (“Creditas Mexico”), an online platform that offers loans secured by homes and automobile as collaterals in Mexico. The proceeds from the proposed transaction will be used to finance the loan portfolio originated by Creditas Mexico for micro- and small business owners. Creditas Mexico offers loans at affordable interest rates using technology and data analytics to boost operation and distribution efficiency, and considering the collateral value.The proposed transaction is mainly aimed at increasing access to financing for micro- and small business owners. IDB Invest is considering structured financing for LGF Occidente, S.A. de C.V. SOFOM ENR (“Creditas Mexico”), an online platform that offers loans secured by homes and automobile as collaterals in Mexico. The proceeds from the proposed transaction will be used to finance the loan portfolio originated by Creditas Mexico for micro- and small business owners. Creditas Mexico offers loans at affordable interest rates using technology and data analytics to boost operation and distribution efficiency, and considering the collateral value.The proposed transaction is mainly aimed at increasing access to financing for micro- and small business owners.
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Multibank Multibank began operations in 1990 under a general banking license issued by the Panamanian banking authority, Superintendencia de Bancos de Panamá. From the beginning, Multibank has focused on providing banking services to small and medium-size companies, but it also provides personal banking services. In 2005, Multibank began a process to become a universal bank, opening branches, expanding its product portfolio, and expanding services to its clients. Multibank’s management team includes top-rated executives and professionals with several years of experience in the banking sector, who have worked to position the bank in the Panamanian market. The project consists of providing Multibank with a loan of up to US$6 million for financing Panamanian SMEs and/or residential housing for middle- and low-income individuals. In the case of residential housing, subloan beneficiaries shall be individuals who are residents and citizens of Panama and who will live in the housing unit themselves. Multibank began operations in 1990 under a general banking license issued by the Panamanian banking authority, Superintendencia de Bancos de Panamá. From the beginning, Multibank has focused on providing banking services to small and medium-size companies, but it also provides personal banking services. In 2005, Multibank began a process to become a universal bank, opening branches, expanding its product portfolio, and expanding services to its clients. Multibank’s management team includes top-rated executives and professionals with several years of experience in the banking sector, who have worked to position the bank in the Panamanian market. The project consists of providing Multibank with a loan of up to US$6 million for financing Panamanian SMEs and/or residential housing for middle- and low-income individuals. In the case of residential housing, subloan beneficiaries shall be individuals who are residents and citizens of Panama and who will live in the housing unit themselves.
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Nicaragua Sugar The proposed financing consists of an 8-year senior loan of up to US$37.5 million to be provided to Nicaragua Sugar States Limited (“Nicaragua Sugar”) as follows: US$25 million funded by IDB Invest and US$12.5 million funded by concessional funds administered by IDB. Nicaragua Sugar, one of the leading companies in the sugar sector in Nicaragua and Central America, will use of the financing (i) to continue to improve its efficiency and productivity levels through industrial and agricultural investments, (ii) for permanent working capital needs of its operations and its supply chain, and (iv) for green projects that improve its use of resources, especially water. The sugar sector in Nicaragua is one of the main agribusiness and export sector in the country. The proposed financing consists of an 8-year senior loan of up to US$37.5 million to be provided to Nicaragua Sugar States Limited (“Nicaragua Sugar”) as follows: US$25 million funded by IDB Invest and US$12.5 million funded by concessional funds administered by IDB. Nicaragua Sugar, one of the leading companies in the sugar sector in Nicaragua and Central America, will use of the financing (i) to continue to improve its efficiency and productivity levels through industrial and agricultural investments, (ii) for permanent working capital needs of its operations and its supply chain, and (iv) for green projects that improve its use of resources, especially water. The sugar sector in Nicaragua is one of the main agribusiness and export sector in the country.
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Veneza Paraguay The proposed finance facility is an US$11 million 8-year senior loan to Veneza Inversiones S.A., to finance a rendering plant with the capacity to process up to 440 tons per day of animal by-products extracted from beef tallow, bone meal, meat meal and blood. Veneza Inversiones PY S.A. began operating in the agribusiness sector in August 2016 and can process and sell various products in Paraguay. It belongs to the Durli Group, one of the largest leather producers in Brazil, whose business includes producing and selling leather and processing third-party leather. ADDENDUM:On January 31, 2023 a correction has been made to section 4.2.b (pag.7) of the ESRS. The corrected information is as follows: “Paraguay is a signatory to several International Labor Organization ("ILO") conventions. In 2009, the Government of Paraguay, together with organizations from the labor sector, the employer sector and the ILO, signed a Tripartite Agreement called the National Program for Decent Work, which establishes, among other issues, the eradication of forced and child labor in the country”. The proposed finance facility is an US$11 million 8-year senior loan to Veneza Inversiones S.A., to finance a rendering plant with the capacity to process up to 440 tons per day of animal by-products extracted from beef tallow, bone meal, meat meal and blood. Veneza Inversiones PY S.A. began operating in the agribusiness sector in August 2016 and can process and sell various products in Paraguay. It belongs to the Durli Group, one of the largest leather producers in Brazil, whose business includes producing and selling leather and processing third-party leather. ADDENDUM:On January 31, 2023 a correction has been made to section 4.2.b (pag.7) of the ESRS. The corrected information is as follows: “Paraguay is a signatory to several International Labor Organization ("ILO") conventions. In 2009, the Government of Paraguay, together with organizations from the labor sector, the employer sector and the ILO, signed a Tripartite Agreement called the National Program for Decent Work, which establishes, among other issues, the eradication of forced and child labor in the country”.
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Codevi The proposed project consists of US$15 million (committed tranche of US$10 million and uncommitted tranche of US$5 million) to support MD Industries Haiti Ltd.’s investments to increase production, as well as to expand the services offered at Codevi Industrial Park. The Loan will have a tenor of up to 10 years, including a 12-month grace period, and it will be guaranteed by the companies’ assets. IDB Invest’s financing will be complemented by advisory services on energy efficiency and renewable energy.The proposed financing will support the competitive position of Grupo M’s companies through the increase in textile production capacity, generating a high impact in areas such as job creation, competitiveness, and sustainable management of resources such as water and energy. Grupo M’s companies recognize that to continue with the expansion of their businesses, they must remain competitive and ensure greater control over various aspects of their operations, including: (i) constant modernization and expansion of their equipment; (ii) efficient use of operational resources such as energy; and (iii) improvement of environmental and social standards. For these types of companies, having access to long-term financing to make the necessary investments to maintain their competitiveness is key.Adendum:On October 21, 2022, the Environmental and Social Review Summary (ESRS) and Environmental and Social Action Plan (ESAP) are modified to eliminate the Dominican Republic, leaving only Haiti. The proposed project consists of US$15 million (committed tranche of US$10 million and uncommitted tranche of US$5 million) to support MD Industries Haiti Ltd.’s investments to increase production, as well as to expand the services offered at Codevi Industrial Park. The Loan will have a tenor of up to 10 years, including a 12-month grace period, and it will be guaranteed by the companies’ assets. IDB Invest’s financing will be complemented by advisory services on energy efficiency and renewable energy.The proposed financing will support the competitive position of Grupo M’s companies through the increase in textile production capacity, generating a high impact in areas such as job creation, competitiveness, and sustainable management of resources such as water and energy. Grupo M’s companies recognize that to continue with the expansion of their businesses, they must remain competitive and ensure greater control over various aspects of their operations, including: (i) constant modernization and expansion of their equipment; (ii) efficient use of operational resources such as energy; and (iii) improvement of environmental and social standards. For these types of companies, having access to long-term financing to make the necessary investments to maintain their competitiveness is key.Adendum:On October 21, 2022, the Environmental and Social Review Summary (ESRS) and Environmental and Social Action Plan (ESAP) are modified to eliminate the Dominican Republic, leaving only Haiti.
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Banco Sabadell Mexico Green Financing Partnership The proposed transaction consists in secured US$-denominated senior financing to be granted to Banco Sabadell S.A., a universal banking institution (the “Bank” or “Sabadell México”), for up to US$75million (the “Project”). The purpose of the Project is to provide Sabadell México with financing to support the growth of its reduced environmental impact transactions with Small and Medium-Sized Enterprises (SMEs), as well as corporate customers. As part of the Project, IDB Invest will assess the possibility of providing advisory services to develop a business strategy for the Bank’s SME portfolio. The proposed transaction consists in secured US$-denominated senior financing to be granted to Banco Sabadell S.A., a universal banking institution (the “Bank” or “Sabadell México”), for up to US$75million (the “Project”). The purpose of the Project is to provide Sabadell México with financing to support the growth of its reduced environmental impact transactions with Small and Medium-Sized Enterprises (SMEs), as well as corporate customers. As part of the Project, IDB Invest will assess the possibility of providing advisory services to develop a business strategy for the Bank’s SME portfolio.
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Cafe Soluble II The purpose of the project is to help strengthen the Company’s overall competitiveness through the modernization of the processing plant and the management information systems, and the expansion of its storage capacity in order to adjust to recent and projected growth. The IIC will have the following role: Providing long-term financing: Long-term resources are scarce in Nicaragua. The operation will complement the first loan provided by the IIC to CSSA in 2001. Supporting an industry with a high value-added component: The ground and soluble coffee production process includes the cleaning, toasting and grinding of green coffee beans to produce roasted and ground coffee, and the subsequent extraction of liquor from the ground roast coffee which is then dehydrated to produce soluble coffee. Because of its comparative advantages, Nicaraguan exports of processed coffee have ample growth potential. Strengthening a medium-size company: The project will help the Company adjust to its recent growth and reach its potencial, thus protecting many existing jobs.Foreign exchange generation: The Company has experienced significant growth during the last five years, entering into new export markets. The project is necessary to support any future growth in sales and exports.Generating business for SMEs: The Company is an important buyer of packaging material and green coffee produced in Central America, mainly by small and medium-size companies from Nicaragua, El Salvador and Guatemala. Promoting best production practices: The Company has obtained the ISO 9002 certificate for quality and is currently applying for food safety certification, which should support its efforts to penetrate new markets. The purpose of the project is to help strengthen the Company’s overall competitiveness through the modernization of the processing plant and the management information systems, and the expansion of its storage capacity in order to adjust to recent and projected growth. The IIC will have the following role: Providing long-term financing: Long-term resources are scarce in Nicaragua. The operation will complement the first loan provided by the IIC to CSSA in 2001. Supporting an industry with a high value-added component: The ground and soluble coffee production process includes the cleaning, toasting and grinding of green coffee beans to produce roasted and ground coffee, and the subsequent extraction of liquor from the ground roast coffee which is then dehydrated to produce soluble coffee. Because of its comparative advantages, Nicaraguan exports of processed coffee have ample growth potential. Strengthening a medium-size company: The project will help the Company adjust to its recent growth and reach its potencial, thus protecting many existing jobs.Foreign exchange generation: The Company has experienced significant growth during the last five years, entering into new export markets. The project is necessary to support any future growth in sales and exports.Generating business for SMEs: The Company is an important buyer of packaging material and green coffee produced in Central America, mainly by small and medium-size companies from Nicaragua, El Salvador and Guatemala. Promoting best production practices: The Company has obtained the ISO 9002 certificate for quality and is currently applying for food safety certification, which should support its efforts to penetrate new markets.
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Arendal S. de R.L de C.V. Arendal is a Mexican company founded in 1997, specializing, inter alia, in the construction of pipelines, plants, electromechanical and heavy civil engineering works, directional drilling, and fiber optic networks. The purpose of the loan is to make use of company knowledge of the market and increase its human capital, in addition to adopting sophisticated systems and tools.The IIC’s revolving credit line of up to MX$100.0 million will be used for working capital loans to finance contracts with Petróleos Mexicanos (“PEMEX”). Arendal is a Mexican company founded in 1997, specializing, inter alia, in the construction of pipelines, plants, electromechanical and heavy civil engineering works, directional drilling, and fiber optic networks. The purpose of the loan is to make use of company knowledge of the market and increase its human capital, in addition to adopting sophisticated systems and tools.The IIC’s revolving credit line of up to MX$100.0 million will be used for working capital loans to finance contracts with Petróleos Mexicanos (“PEMEX”).
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Banco ABC - Social Bond The transaction consists of a Local Bond (Letras Financeiras) issuance for the equivalent in Brazilian reais of US$100 million for a tenor of five years bullet. The Letras Financeiras shall be classified as Social Bonds as per the International Capital Market Association’s Social Bond Principles. The proposed financing will contribute to increase access to finance in Brazil by supporting the expansion of ABC’s social portfolio, by focusing its Small and Medium-Sized Enterprises (“SMEs”) strategy. Also, the transaction injects liquidity in this segment in a moment of market turbulence due to the spread of the COVID-19 virus. Finally, the transaction supports the development of the Brazilian capital markets and the sustainable finance segment, as it will be first thematic Letras Financeiras issued in Brazil and may spearhead a new trend in the Brazilian Debt Capital Markets. The transaction consists of a Local Bond (Letras Financeiras) issuance for the equivalent in Brazilian reais of US$100 million for a tenor of five years bullet. The Letras Financeiras shall be classified as Social Bonds as per the International Capital Market Association’s Social Bond Principles. The proposed financing will contribute to increase access to finance in Brazil by supporting the expansion of ABC’s social portfolio, by focusing its Small and Medium-Sized Enterprises (“SMEs”) strategy. Also, the transaction injects liquidity in this segment in a moment of market turbulence due to the spread of the COVID-19 virus. Finally, the transaction supports the development of the Brazilian capital markets and the sustainable finance segment, as it will be first thematic Letras Financeiras issued in Brazil and may spearhead a new trend in the Brazilian Debt Capital Markets.
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Banco Financiera Centroamericana S.A. The proceeds of the IIC loan will be used to finance small and medium-sized Honduran enterprises in productive sectors such as industry, manufacturing, construction, agroindustry, and other eligible sectors.Banco Financiera Centroamericana S.A. (FICENSA) began doing business in Honduras in 1974. With activities geared mainly to corporate financing, the bank has two main offices, one in Tegucigalpa and the other in San Pedro Sula, along with 26 branch offices in the country’s major cities, drive-through teller windows, and an extensive network of automatic teller machines. FICENSA is a member of the Banet network. The proceeds of the IIC loan will be used to finance small and medium-sized Honduran enterprises in productive sectors such as industry, manufacturing, construction, agroindustry, and other eligible sectors.Banco Financiera Centroamericana S.A. (FICENSA) began doing business in Honduras in 1974. With activities geared mainly to corporate financing, the bank has two main offices, one in Tegucigalpa and the other in San Pedro Sula, along with 26 branch offices in the country’s major cities, drive-through teller windows, and an extensive network of automatic teller machines. FICENSA is a member of the Banet network.
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CIMARRON The operation consists of a 7-year loan for up to US$12 million corresponding to 69% of the total value of the construction of a new module of 20 hectares of greenhouses for hydroponic vegetable cultivation and for the working capital required for its operation. The loan will be guaranteed by: (i) mortgage on the land on which the new greenhouses are built; (ii) pledge on new greenhouses; and (iii) guarantee provided by the Canadian Export Development Agency (EDC) for up to 85% of the value of the project to be financed.The main reason for this type of guarantee is that the technology of the greenhouse comes from Canada, the supplier being the company Les Serres Harnois (http://www.harnois.com/), who has already installed other modules for Cimarrón. The operation consists of a 7-year loan for up to US$12 million corresponding to 69% of the total value of the construction of a new module of 20 hectares of greenhouses for hydroponic vegetable cultivation and for the working capital required for its operation. The loan will be guaranteed by: (i) mortgage on the land on which the new greenhouses are built; (ii) pledge on new greenhouses; and (iii) guarantee provided by the Canadian Export Development Agency (EDC) for up to 85% of the value of the project to be financed.The main reason for this type of guarantee is that the technology of the greenhouse comes from Canada, the supplier being the company Les Serres Harnois (http://www.harnois.com/), who has already installed other modules for Cimarrón.
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Multinational Industrial Fund Multinational Industrial Fund is a US$80 million Mexican private equity fund that will seek to earn long-term capital gains by investing in equity and quasi-equity securities of small and medium-sized Mexican companies entering into joint ventures with foreign companies to generate exports. The Fund will have a life of ten years.The proposed transaction is in line with IICs developmental goals, since (i) the Fund will support the creation and expansion of small and medium-scale enterprises in Mexico without access to equity capital; (ii) it will support private investment to create joint ventures of local firms with European firms to transfer technology and promote export sales; (iii) through stock market exit it will foster democratization of capital; and (iv) the Fund will reach some fifteen final beneficiaries over its expected life; creating about 300 jobs, and contributing US$300 million to the country's GDP. Multinational Industrial Fund is a US$80 million Mexican private equity fund that will seek to earn long-term capital gains by investing in equity and quasi-equity securities of small and medium-sized Mexican companies entering into joint ventures with foreign companies to generate exports. The Fund will have a life of ten years.The proposed transaction is in line with IICs developmental goals, since (i) the Fund will support the creation and expansion of small and medium-scale enterprises in Mexico without access to equity capital; (ii) it will support private investment to create joint ventures of local firms with European firms to transfer technology and promote export sales; (iii) through stock market exit it will foster democratization of capital; and (iv) the Fund will reach some fifteen final beneficiaries over its expected life; creating about 300 jobs, and contributing US$300 million to the country's GDP.
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Terminal XXXIX The project consists in a 10-years senior loan, with up to 3-years grace period, for the financing of the port terminal facilities expansion of Terminal XXXIX de Santos S.A. (“T39”) located at the Port of Santos in the state of São Paulo, Brazil. Founded in 2001, T39 is owned in equal parts by Caramuru Alimentos S.A. (“Caramuru”) and Rumo S.A. (“Rumo”) (Rumo and Caramuru together, the “Sponsors”), representing a highly strategic asset for both Sponsors, who will also be participating as co-obligors of the transaction. Caramuru exports 90% of its products through T39, while Rumo transported most of its grain through T39.The terminal expansion plan has the main objective of easing the flow of growing exports from Caramuru and other third parties, by increasing its warehousing capacity from 135,000 tons to 247,000 tons. After completing the project, T39 will be single largest grains terminal in Santos, with strong competitive advantages in terms of land infrastructure, berthing conditions, and logistics business integration. T39 will increase its volume handling from 2.5 million tons per year, to around 7.5 million tons per year, an important contribution to accommodate the increasing demand for export cargo handling in the Santos port. Rumo is Brazil’s largest logistics operator in terms of transported volume. It provides rail transport, port handling, and warehousing services. Rumo operates the largest railroad network in Brazil, consisting of five concessions with approximately 13,500 kilometers of lines, 1,200 locomotives and 33,000 wagons, as well as distribution centers and storage facilities.Caramuru is a leading Brazilian grain processing company which engages in the processing, refining, and marketing of soybean related products, biodiesel, corn, and sunflower products in Brazil. It is among the top Brazilian exporters of soy. The project consists in a 10-years senior loan, with up to 3-years grace period, for the financing of the port terminal facilities expansion of Terminal XXXIX de Santos S.A. (“T39”) located at the Port of Santos in the state of São Paulo, Brazil. Founded in 2001, T39 is owned in equal parts by Caramuru Alimentos S.A. (“Caramuru”) and Rumo S.A. (“Rumo”) (Rumo and Caramuru together, the “Sponsors”), representing a highly strategic asset for both Sponsors, who will also be participating as co-obligors of the transaction. Caramuru exports 90% of its products through T39, while Rumo transported most of its grain through T39.The terminal expansion plan has the main objective of easing the flow of growing exports from Caramuru and other third parties, by increasing its warehousing capacity from 135,000 tons to 247,000 tons. After completing the project, T39 will be single largest grains terminal in Santos, with strong competitive advantages in terms of land infrastructure, berthing conditions, and logistics business integration. T39 will increase its volume handling from 2.5 million tons per year, to around 7.5 million tons per year, an important contribution to accommodate the increasing demand for export cargo handling in the Santos port. Rumo is Brazil’s largest logistics operator in terms of transported volume. It provides rail transport, port handling, and warehousing services. Rumo operates the largest railroad network in Brazil, consisting of five concessions with approximately 13,500 kilometers of lines, 1,200 locomotives and 33,000 wagons, as well as distribution centers and storage facilities.Caramuru is a leading Brazilian grain processing company which engages in the processing, refining, and marketing of soybean related products, biodiesel, corn, and sunflower products in Brazil. It is among the top Brazilian exporters of soy.
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Multibank, Inc. The Inter-American Investment Corporation (IIC) approved a line of credit of US$12 million to Multibank, one of the largest banks in Panama, that will be used to provide financing to SMEs in Panama, as well as to diversify its long-term sources of funding. The proceeds from the line of credit will go toward providing financing to SMEs in Panama, as well as toward helping Multibank diversify its long-term sources of funding.Multibank Inc. is a bank entity established in 1990. Today, it is one of the largest banks in Panama funded with Panamanian capital. Through local subsidiaries, it provides factoring, financial leasing, trust, insurance, asset management, and brokerage services, among others. Over the years, the bank has built up expertise in services and products aimed at the SME segment, which accounts for 40% of the total corporate portfolio. The Inter-American Investment Corporation (IIC) approved a line of credit of US$12 million to Multibank, one of the largest banks in Panama, that will be used to provide financing to SMEs in Panama, as well as to diversify its long-term sources of funding. The proceeds from the line of credit will go toward providing financing to SMEs in Panama, as well as toward helping Multibank diversify its long-term sources of funding.Multibank Inc. is a bank entity established in 1990. Today, it is one of the largest banks in Panama funded with Panamanian capital. Through local subsidiaries, it provides factoring, financial leasing, trust, insurance, asset management, and brokerage services, among others. Over the years, the bank has built up expertise in services and products aimed at the SME segment, which accounts for 40% of the total corporate portfolio.
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Atento - Facilidad Revolvente de Crédito The proposed transaction involves granting Atento a revolving credit line of up to US$50million (US$43million of which are committed and the other US$7million are not) with a five-year tenor. The financing operation is aimed at funding Atento’s working capital and the capital investments needed to grow its Business Process Outsourcing (BPO) and Customer Relationship Management (CRM) operation in 11 member countries of IDB Invest. Atento is the largest provider of management solutions and services for customer relations and business process outsourcing (CRM/BPO) in Latin America and is among the top five providers globally in terms of revenue. Atento has more than 140,000 employees. At present, the company is implementing methods of automation and digitization of processes that will ensure an optimization of its processes and offer nearshoring services.The impact story of this project was highlighted on our 2021 Annual Report. The proposed transaction involves granting Atento a revolving credit line of up to US$50million (US$43million of which are committed and the other US$7million are not) with a five-year tenor. The financing operation is aimed at funding Atento’s working capital and the capital investments needed to grow its Business Process Outsourcing (BPO) and Customer Relationship Management (CRM) operation in 11 member countries of IDB Invest. Atento is the largest provider of management solutions and services for customer relations and business process outsourcing (CRM/BPO) in Latin America and is among the top five providers globally in terms of revenue. Atento has more than 140,000 employees. At present, the company is implementing methods of automation and digitization of processes that will ensure an optimization of its processes and offer nearshoring services.The impact story of this project was highlighted on our 2021 Annual Report.
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Rural Connectivity IDB Invest is considering providing financing up to US$15,000,000 to a future rural mobile infrastructure operator IPT SAC ("IPT"), which currently has Telefónica del Perú and potentially other (“DFIs”) as shareholders. The company aims to sustainably connect the unconnected and underserved populations of Peru through an innovative rural connectivity business model.IDB Invest's investment would be subject to certain conditions being met, including the Company agreeing to comply with IDB Invest's environment and social policies whilst IDB Invest is a shareholder. IDB Invest is considering providing financing up to US$15,000,000 to a future rural mobile infrastructure operator IPT SAC ("IPT"), which currently has Telefónica del Perú and potentially other (“DFIs”) as shareholders. The company aims to sustainably connect the unconnected and underserved populations of Peru through an innovative rural connectivity business model.IDB Invest's investment would be subject to certain conditions being met, including the Company agreeing to comply with IDB Invest's environment and social policies whilst IDB Invest is a shareholder.
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Grupo Kattan II El proyecto consiste en un préstamo garantizado y de largo plazo para financiar un proyecto solar fotovoltaico sobre los techos de las instalaciones deInmobiliaria Hondureña del Valle S.A. de C.V. (“INHDELVA”), el cual incluye también equipo de almacenamiento con baterías, además de la construcción de una nave industrial para la producción de hilos industriales.El financiamiento propuesto tiene los siguientes objetivos: (i) generar 13,24 MWp de energía renovable y apoyar parcialmente el déficit de energía en la zona; (ii) proveer energía renovable a un costo inferior al de la energía térmica actualmente disponible; (iii) crear empleo durante la construcción y supervisión del proyecto, además de emplear a una empresa hondureña para la instalación de paneles solares y baterías, promoviendo la creación de conocimiento técnico en el mercado local; y (iv) innovar, ya que este será uno de los primeros proyectos de inyección de energía con baterías en el mercado de oportunidad, utilizando equipos con la última tecnología disponible. El proyecto consiste en un préstamo garantizado y de largo plazo para financiar un proyecto solar fotovoltaico sobre los techos de las instalaciones deInmobiliaria Hondureña del Valle S.A. de C.V. (“INHDELVA”), el cual incluye también equipo de almacenamiento con baterías, además de la construcción de una nave industrial para la producción de hilos industriales.El financiamiento propuesto tiene los siguientes objetivos: (i) generar 13,24 MWp de energía renovable y apoyar parcialmente el déficit de energía en la zona; (ii) proveer energía renovable a un costo inferior al de la energía térmica actualmente disponible; (iii) crear empleo durante la construcción y supervisión del proyecto, además de emplear a una empresa hondureña para la instalación de paneles solares y baterías, promoviendo la creación de conocimiento técnico en el mercado local; y (iv) innovar, ya que este será uno de los primeros proyectos de inyección de energía con baterías en el mercado de oportunidad, utilizando equipos con la última tecnología disponible.
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Finabank Equity The project’s main objective is to support the growth of Finabank’s loan portfolio in Suriname by strengthening its capital. The idea is to consolidate a financial institution in the Caribbean that can facilitate loan access for private companies in an environment where financial options are limited, especially for medium-and long-term needs.Established in 1991, Finabank operates in several areas of the commercial and retail banking sector, offering a wide range of products and financial services. Finabank’s main focus has been to stay actively involved in client needs and offer customized financial services and products in order to create long-lasting partnerships. The project’s main objective is to support the growth of Finabank’s loan portfolio in Suriname by strengthening its capital. The idea is to consolidate a financial institution in the Caribbean that can facilitate loan access for private companies in an environment where financial options are limited, especially for medium-and long-term needs.Established in 1991, Finabank operates in several areas of the commercial and retail banking sector, offering a wide range of products and financial services. Finabank’s main focus has been to stay actively involved in client needs and offer customized financial services and products in order to create long-lasting partnerships.
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Bancóldex Emergency Line for MSMES The project consists of supporting Banco de Comercio Exterior de Colombia S.A. (“Bancóldex”), with a senior loan. The total amount of the loan is up to US$170 million, composed as follows: (i) A loan from IDB Invest for an amount of up to US$100 million; (ii) US$50 million mobilized through possible co-financing to be financed by IDB Invest in its capacity as administrator of the China Co-financing Fund for Latin America and the Caribbean (the “China Fund”); and (iii) Co-loan from Development Finance Institute Canada (FinDev Canada) for an amount of up to US$20 million. The resources will be used to support MSME’s needs through the emergency line Program “Colombia Responde para Todos” or through other financial instruments created to alleviate the current COVID-19 situation. "Colombia Responde para Todos" is an emergency line which seeks to expand financing to MSME’s from different economic sectors, through financial intermediaries. IDB Invest loan and support is key to provide liquidity and short to medium term resources to MSMEs so it’s sustainability and feasibility is ensured in a context of cash flow pressure due to the lockdown and economic activity paralysis. The project consists of supporting Banco de Comercio Exterior de Colombia S.A. (“Bancóldex”), with a senior loan. The total amount of the loan is up to US$170 million, composed as follows: (i) A loan from IDB Invest for an amount of up to US$100 million; (ii) US$50 million mobilized through possible co-financing to be financed by IDB Invest in its capacity as administrator of the China Co-financing Fund for Latin America and the Caribbean (the “China Fund”); and (iii) Co-loan from Development Finance Institute Canada (FinDev Canada) for an amount of up to US$20 million. The resources will be used to support MSME’s needs through the emergency line Program “Colombia Responde para Todos” or through other financial instruments created to alleviate the current COVID-19 situation. "Colombia Responde para Todos" is an emergency line which seeks to expand financing to MSME’s from different economic sectors, through financial intermediaries. IDB Invest loan and support is key to provide liquidity and short to medium term resources to MSMEs so it’s sustainability and feasibility is ensured in a context of cash flow pressure due to the lockdown and economic activity paralysis.
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TTMF–IDB Invest Housing Partnership 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.” 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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Riverwood Latin America Fund The IDB Invest is proposing an Equity Investment for up to US$10 million as a limited partner in Riverwood Capital Partners Latam L.P., private equity fund targeting investments in businesses in the global technology, technology-enabled and related industries, including businesses in the financial services, consumer and services sectors where the use of information, digital, software and similar technologies can contribute to value creation. The investments are expected to consist primarily (but not exclusively) of investments in growth, expansion or later stage businesses. The IDB Invest is proposing an Equity Investment for up to US$10 million as a limited partner in Riverwood Capital Partners Latam L.P., private equity fund targeting investments in businesses in the global technology, technology-enabled and related industries, including businesses in the financial services, consumer and services sectors where the use of information, digital, software and similar technologies can contribute to value creation. The investments are expected to consist primarily (but not exclusively) of investments in growth, expansion or later stage businesses.
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Navojoa Solar PV The Navojoa solar project consists of the design, construction, commissioning, operation, and maintenance of a 200MW solar PV plant in the State of Sonora, Mexico that will connect into the Mexican Comisión Federal de Electricidad (“CFE”) national grid system; and all associated transmission and interconnection facilities which includes a 3.3km transmission line (TL). The financial plan is expected to be completed with co-loans from the China Co-Financing Fund for Latin America and the Caribbean (“China Fund”), and other development and commercial banks.The Project was awarded a long-term Power Purchase Agreement (“PPA”) in the 3rd Mexican Power Auction in November 2017. The Project will contribute to the Government of Mexico’s (“GoM”) objectives of diversifying its electricity matrix, by delivering clean, PV solar energy and supporting the push to create a wholesale electricity market, while reducing the country’s dependency on thermal energy, as Mexico’s goal is for clean energy sources to provide 50% of the nation’s electricity generation mix by 2050. The Navojoa solar project consists of the design, construction, commissioning, operation, and maintenance of a 200MW solar PV plant in the State of Sonora, Mexico that will connect into the Mexican Comisión Federal de Electricidad (“CFE”) national grid system; and all associated transmission and interconnection facilities which includes a 3.3km transmission line (TL). The financial plan is expected to be completed with co-loans from the China Co-Financing Fund for Latin America and the Caribbean (“China Fund”), and other development and commercial banks.The Project was awarded a long-term Power Purchase Agreement (“PPA”) in the 3rd Mexican Power Auction in November 2017. The Project will contribute to the Government of Mexico’s (“GoM”) objectives of diversifying its electricity matrix, by delivering clean, PV solar energy and supporting the push to create a wholesale electricity market, while reducing the country’s dependency on thermal energy, as Mexico’s goal is for clean energy sources to provide 50% of the nation’s electricity generation mix by 2050.
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Equirent This transaction (the “Project”) consists in providing full financing in the amount of up to USD 20 million for a term of up to 7 years to Equirent Vehículos y Maquinarias S.A.S. BIC (“Equirent”). IDB Invest’s tranche will be of up to USD 10 million, being USD 5 million committed and USD 5 million uncommitted. In addition, it will include a USD 10 million tranche to be mobilized with resources from other financiers. The use of funds in both tranches will be aimed at financing pluggable hybrid electric vehicles and electric vehicles for the subsequent lease thereof to companies and persons in Colombia.Equirent is a company regulated and supervised by the Colombian Business Associations Regulatory Agency (Superintendencia de Sociedades) with more than 29 years in the auto market specialized in the operating lease of vehicles and machinery, and consolidating the knowledge and experience of all the companies which make up the Seissa organization in the integral renting business. Through the Project, IDB Invest will be able to contribute to the development of e-mobility in Colombia. This transaction (the “Project”) consists in providing full financing in the amount of up to USD 20 million for a term of up to 7 years to Equirent Vehículos y Maquinarias S.A.S. BIC (“Equirent”). IDB Invest’s tranche will be of up to USD 10 million, being USD 5 million committed and USD 5 million uncommitted. In addition, it will include a USD 10 million tranche to be mobilized with resources from other financiers. The use of funds in both tranches will be aimed at financing pluggable hybrid electric vehicles and electric vehicles for the subsequent lease thereof to companies and persons in Colombia.Equirent is a company regulated and supervised by the Colombian Business Associations Regulatory Agency (Superintendencia de Sociedades) with more than 29 years in the auto market specialized in the operating lease of vehicles and machinery, and consolidating the knowledge and experience of all the companies which make up the Seissa organization in the integral renting business. Through the Project, IDB Invest will be able to contribute to the development of e-mobility in Colombia.
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GBUC Smart Water Meter Investment Program The transaction consists of the financing of a US$4,500,000 senior unsecured loan to Grand Bahama Utility Company Limited (“GBUC”). The proceeds of the financing will be used for the purchase and installation of approximately 11,000 smart water meters. GBUC, the distributor of water in Grand Bahamas and operator of a wastewater facility in the Chesapeake area respectively, is seeking to reduce Non-Revenue Water (“NRW”) through the incorporation of smart meters, which is new technology in The Bahamas. The project is expected to be beneficial to GBUC and its customers, provided that once the smart meters are in operation, the company will be able to increase its effectiveness in controlling NRW and thus reduce costs for water distribution.The financing consists of a US$4,500,000 senior unsecured loan to GBUC. GBUC is planning to install approximately 11,000 smart water meters which most of them will be purchased by using the proceeds from IDB Invest financing. The transaction consists of the financing of a US$4,500,000 senior unsecured loan to Grand Bahama Utility Company Limited (“GBUC”). The proceeds of the financing will be used for the purchase and installation of approximately 11,000 smart water meters. GBUC, the distributor of water in Grand Bahamas and operator of a wastewater facility in the Chesapeake area respectively, is seeking to reduce Non-Revenue Water (“NRW”) through the incorporation of smart meters, which is new technology in The Bahamas. The project is expected to be beneficial to GBUC and its customers, provided that once the smart meters are in operation, the company will be able to increase its effectiveness in controlling NRW and thus reduce costs for water distribution.The financing consists of a US$4,500,000 senior unsecured loan to GBUC. GBUC is planning to install approximately 11,000 smart water meters which most of them will be purchased by using the proceeds from IDB Invest financing.
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COOPEUCH The IIC loan of up to US$5 million will be used to finance Eligible Enterprises consisting of microentrepreneurs and small enterprises for amounts of up to US$30,000 per Eligible Enterprise, for terms of not less than 12 months.Created in 1967, COOPEUCH is a savings and credit cooperative that provides personal banking products to its members, most of whom earn less than US$700 per month. It operates mainly in the public sector under a payroll deduction scheme for loan repayments, whereby it collects resources from its members and third parties. It is also a distributor of general and personal insurance services for its members. COOPEUCH is the largest cooperative in Chile. The IIC loan of up to US$5 million will be used to finance Eligible Enterprises consisting of microentrepreneurs and small enterprises for amounts of up to US$30,000 per Eligible Enterprise, for terms of not less than 12 months.Created in 1967, COOPEUCH is a savings and credit cooperative that provides personal banking products to its members, most of whom earn less than US$700 per month. It operates mainly in the public sector under a payroll deduction scheme for loan repayments, whereby it collects resources from its members and third parties. It is also a distributor of general and personal insurance services for its members. COOPEUCH is the largest cooperative in Chile.
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CMI Alimentos II The proposed financing consists of a senior loan to six of the main companies in the food division of Corporación Multi Inversiones ("CMI Alimentos") to ensure their short- and medium-term liquidity in the wake of the COVID-19 crisis, which will cover their working capital needs in 2020 and any fixed investments required for 2021. The proposed transaction is for up to US$75 million, of which US$50 million will be financed with funds from IDB Invest and US$25 million from the Chinese Co-financing Fund for Latin America administered by the IDB, with a 5-year term, including a one-year grace period.CMI Alimentos is one of the main foods and agribusiness economic groups in Central America, with operations in ninecountries and almost 30,000 employees. CMI Alimentos' economic activities include the production of poultry, swine, and pork products, the production of wheat flour, corn, pasta, and cookies, and the operation of fast-food restaurants.Amendment on October 12, 2023: Complementary Environmental and Social Information was posted. The proposed financing consists of a senior loan to six of the main companies in the food division of Corporación Multi Inversiones ("CMI Alimentos") to ensure their short- and medium-term liquidity in the wake of the COVID-19 crisis, which will cover their working capital needs in 2020 and any fixed investments required for 2021. The proposed transaction is for up to US$75 million, of which US$50 million will be financed with funds from IDB Invest and US$25 million from the Chinese Co-financing Fund for Latin America administered by the IDB, with a 5-year term, including a one-year grace period.CMI Alimentos is one of the main foods and agribusiness economic groups in Central America, with operations in ninecountries and almost 30,000 employees. CMI Alimentos' economic activities include the production of poultry, swine, and pork products, the production of wheat flour, corn, pasta, and cookies, and the operation of fast-food restaurants.Amendment on October 12, 2023: Complementary Environmental and Social Information was posted.
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Project DCM #10 The project consists of a subscription to a sustainable bond issue for up to COP$657,000 million to be issued by a Colombian entity through an offer on Colombia’s second market (segundo mercado). The bond issue will be divided in two tranches with a term of five and ten years, with a single payment at maturity. The funds from the issue will be used to finance projects that are aligned with the UNDP Sustainable Development Goals related to environmental and social impact issues. A methodological framework will be defined that contains some eligibility criteria and impact indicators, facilitating the correct selection and monitoring of the projects to be financed.IDB Invest will provide technical assistance to obtain a third-party opinion to validate and confirm the suitability of the methodological framework being used. The project consists of a subscription to a sustainable bond issue for up to COP$657,000 million to be issued by a Colombian entity through an offer on Colombia’s second market (segundo mercado). The bond issue will be divided in two tranches with a term of five and ten years, with a single payment at maturity. The funds from the issue will be used to finance projects that are aligned with the UNDP Sustainable Development Goals related to environmental and social impact issues. A methodological framework will be defined that contains some eligibility criteria and impact indicators, facilitating the correct selection and monitoring of the projects to be financed.IDB Invest will provide technical assistance to obtain a third-party opinion to validate and confirm the suitability of the methodological framework being used.
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Banco para la Comercialización y la Producción S.A. The Inter-American Investment Corporation (IIC) approved a loan of up to US$2 million to Banco para la Comercialización y la Producción S.A. (Bancop) to expand its lending operations with Paraguayan small and medium-sized enterprises (SMEs) in the agricultural, livestock, commercial, industrial, and services sectors, thereby boosting agricultural and livestock production in Paraguay.The project consists of a loan to Bancop. The purpose of this IIC operation is to help Bancop increase its loan operations for medium-term projects with Paraguay’s small and medium-sized enterprise sector, including rural producers, through loans to producers’ cooperatives and/or small or medium-sized producers, thereby promoting crop and livestock production in Paraguay.On January 31, 2012, the Central Bank of Paraguay (BCP) issued Bancop a license to operate, and on July 16, 2012, the bank opened its doors to the public. Paraguay’s first cooperative-owned bank, Bancop currently has 27 producers’ cooperatives as shareholders. Its purpose is to provide long-term loans to cooperatives, their members, and any other customer interested in working with it, thus boosting their productive capacity. The Inter-American Investment Corporation (IIC) approved a loan of up to US$2 million to Banco para la Comercialización y la Producción S.A. (Bancop) to expand its lending operations with Paraguayan small and medium-sized enterprises (SMEs) in the agricultural, livestock, commercial, industrial, and services sectors, thereby boosting agricultural and livestock production in Paraguay.The project consists of a loan to Bancop. The purpose of this IIC operation is to help Bancop increase its loan operations for medium-term projects with Paraguay’s small and medium-sized enterprise sector, including rural producers, through loans to producers’ cooperatives and/or small or medium-sized producers, thereby promoting crop and livestock production in Paraguay.On January 31, 2012, the Central Bank of Paraguay (BCP) issued Bancop a license to operate, and on July 16, 2012, the bank opened its doors to the public. Paraguay’s first cooperative-owned bank, Bancop currently has 27 producers’ cooperatives as shareholders. Its purpose is to provide long-term loans to cooperatives, their members, and any other customer interested in working with it, thus boosting their productive capacity.
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Fundacion Empresarial para el Desarrollo The project is intended to solve Fepade's and Iseade's current infrastructure problems by building a campus in the outskirts of San Salvador. This will enable these two prestigious institutions to expand their professional training activities and will also help bring the Foundation's environmental management up to international standards. The IIC's role will cover the following areas: Long-term financing for a sound educational institution: Fepade's activities are expanding, as evidenced by its revenue growth ($2.3 million in 2001, up from $1.9 million in 1997). This clearly reflects Fepade's position in the local educational market, as well as its soundness, considering that lately the Salvadorian economy has faced a very difficult situation, with two earthquakes plus a drastic drop in the prices of its main export products (coffee and bananas). Education for all: Fepade's market niche is broad, given its variety of courses, seminars, and programs. While Fepade caters to the middle and working classes, Iseade trains and educates entrepreneurs. Thus, Fepade's educational services have a significant economic impact in El Salvador, starting with workers and going all the way up the corporate ladder. To date, Fepade and Iseade have trained more than 70,000 individuals. Tailor-made education: In 1986, a group of national and international entrepreneurs from 47 enterprises, banks, and foundations in El Salvador created Fepade to support the Government's efforts in the education sector and provide training for their staff. So far, dozens of small, medium-size, and large financial and nonfinancial enterprises have become Fepade's customers. In 2001, 91% of the total number of class-hours was for tailor-made educational services (e.g., accounting and finance, quality control, management, and human resources seminars). An institution that supports the Government's efforts in the educational area: In 1993, the Government of El Salvador created the Instituto Salvadoreño para la Formación Profesional (INSAFORP), an institution tasked with organizing and coordinating professional training courses and seminars all over the country. Fepade is one of the educational institutions that, through INSAFORP, participate in the training of Salvadoran workers. Strengthening a high-quality educational program: In late 1980, Fepade decided to create and sponsor an institution for graduate studies in business administration. After researching and studying several executive master's programs, it decided to create the Universidad Superior de Economía y Administración de Empresas (USEADE), which in 1997 became Iseade in order to meet Salvadoran legal requirements. Four hundred twenty students have graduated from this school since its inception. Currently, Iseade has several exchange agreements with foreign universities such as Florida International University (U.S.), Instituto Tecnológico de Monterrey (Mexico), and Universidad Anáhuac (Mexico). Strategic protection of the institution's financial foundations: On 14 March 1994, the United States Agency for International Development (USAID) initiated a program with Fepade under which each institution would contribute US$1 million for the creation of an endowment fund. The endowment fund was intended to provide, long-term, the resources needed for Fepade's self support. The goals originally established for this program were amply met: currently, the balance in the endowment fund is US$12.3 million. The IIC's financing will enable Fepade to avoid tapping the endowment fund's resources to finance the construction of its educational campus, thereby maintaining its sound financial position. The project is intended to solve Fepade's and Iseade's current infrastructure problems by building a campus in the outskirts of San Salvador. This will enable these two prestigious institutions to expand their professional training activities and will also help bring the Foundation's environmental management up to international standards. The IIC's role will cover the following areas: Long-term financing for a sound educational institution: Fepade's activities are expanding, as evidenced by its revenue growth ($2.3 million in 2001, up from $1.9 million in 1997). This clearly reflects Fepade's position in the local educational market, as well as its soundness, considering that lately the Salvadorian economy has faced a very difficult situation, with two earthquakes plus a drastic drop in the prices of its main export products (coffee and bananas). Education for all: Fepade's market niche is broad, given its variety of courses, seminars, and programs. While Fepade caters to the middle and working classes, Iseade trains and educates entrepreneurs. Thus, Fepade's educational services have a significant economic impact in El Salvador, starting with workers and going all the way up the corporate ladder. To date, Fepade and Iseade have trained more than 70,000 individuals. Tailor-made education: In 1986, a group of national and international entrepreneurs from 47 enterprises, banks, and foundations in El Salvador created Fepade to support the Government's efforts in the education sector and provide training for their staff. So far, dozens of small, medium-size, and large financial and nonfinancial enterprises have become Fepade's customers. In 2001, 91% of the total number of class-hours was for tailor-made educational services (e.g., accounting and finance, quality control, management, and human resources seminars). An institution that supports the Government's efforts in the educational area: In 1993, the Government of El Salvador created the Instituto Salvadoreño para la Formación Profesional (INSAFORP), an institution tasked with organizing and coordinating professional training courses and seminars all over the country. Fepade is one of the educational institutions that, through INSAFORP, participate in the training of Salvadoran workers. Strengthening a high-quality educational program: In late 1980, Fepade decided to create and sponsor an institution for graduate studies in business administration. After researching and studying several executive master's programs, it decided to create the Universidad Superior de Economía y Administración de Empresas (USEADE), which in 1997 became Iseade in order to meet Salvadoran legal requirements. Four hundred twenty students have graduated from this school since its inception. Currently, Iseade has several exchange agreements with foreign universities such as Florida International University (U.S.), Instituto Tecnológico de Monterrey (Mexico), and Universidad Anáhuac (Mexico). Strategic protection of the institution's financial foundations: On 14 March 1994, the United States Agency for International Development (USAID) initiated a program with Fepade under which each institution would contribute US$1 million for the creation of an endowment fund. The endowment fund was intended to provide, long-term, the resources needed for Fepade's self support. The goals originally established for this program were amply met: currently, the balance in the endowment fund is US$12.3 million. The IIC's financing will enable Fepade to avoid tapping the endowment fund's resources to finance the construction of its educational campus, thereby maintaining its sound financial position.
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Urapi SLU The transaction consists of a guarantee of up to US$5 million to support the second closure of Urapi SLU (the “Fund”) until it reaches its target capitalization of US$50 million. The guarantee will be issued for a term of up to 15 years, matching the Fund’s time horizon. The Fund has a regional mandate, with a focus on agroforestry projects.The Fund was established to invest in projects to restore degraded lands. The Fund’s investments are formalized through special-purpose vehicles created for each project in the different countries where it invests. The special purpose vehicles, which are 100% funded by Urapi SLU, offer (i) equity investments in infrastructure for processing raw materials; (ii) investments in carbon credit sale and issue infrastructure; and (iii) financing for small producers to invest in their farms, improve land-use, and increase productivity. IDB Invest’s guarantee will partially cover the risk of nonpayment of this financing for the small producers. The transaction consists of a guarantee of up to US$5 million to support the second closure of Urapi SLU (the “Fund”) until it reaches its target capitalization of US$50 million. The guarantee will be issued for a term of up to 15 years, matching the Fund’s time horizon. The Fund has a regional mandate, with a focus on agroforestry projects.The Fund was established to invest in projects to restore degraded lands. The Fund’s investments are formalized through special-purpose vehicles created for each project in the different countries where it invests. The special purpose vehicles, which are 100% funded by Urapi SLU, offer (i) equity investments in infrastructure for processing raw materials; (ii) investments in carbon credit sale and issue infrastructure; and (iii) financing for small producers to invest in their farms, improve land-use, and increase productivity. IDB Invest’s guarantee will partially cover the risk of nonpayment of this financing for the small producers.
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Parque Arauco Wind Projects IDB Invest is considering providing a loan to support the construction of (a) Phases 1 and 2 of the Arauco Wind Project II (Central Arauco II – phases 1 and 2), a wind farm of approximately 99.75 MW of installed capacity (99.75 MW) under the Special Purpose Company Vientos de Arauco Renovables SAU, (b) Phases 3 and 4 of the Arauco Wind Project II (Central Arauco II phases 3 and 4) , a wind farm of approximately 95 MW of installed capacity under the Special Purpose Company Arauco Renovables SAU (both plants to be located in the same location as the existing plants) and (c) an 83 kilometer, 132 kV high voltage transmission line to connect the Arauco Wind Project II plants to the 500 kV distribution transforming station (La Rioja Sur- operated by Transnoa) that connects with the national grid (the “Project”).The Project will sell electricity to CAMMESA under two 20-year power purchase agreements (the “PPAs” and each a “PPA”) awarded under the RenovAr Program, as further described below. The PPA for Phases 1 and 2 was won by the Sponsor at a price of US$ 67.19/MWh under RenovAr Round 1.0 and the PPA for Phases 3 and 4 was won by the Sponsor at a price of US$56.67/MWh under RenovAr Round 1.5. The Project is expected to start production by 2019. The financing will consist of an A Loan for up to US$50M from the IDB Group and the balance from other co-lenders, like CESCE. IDB Invest is considering providing a loan to support the construction of (a) Phases 1 and 2 of the Arauco Wind Project II (Central Arauco II – phases 1 and 2), a wind farm of approximately 99.75 MW of installed capacity (99.75 MW) under the Special Purpose Company Vientos de Arauco Renovables SAU, (b) Phases 3 and 4 of the Arauco Wind Project II (Central Arauco II phases 3 and 4) , a wind farm of approximately 95 MW of installed capacity under the Special Purpose Company Arauco Renovables SAU (both plants to be located in the same location as the existing plants) and (c) an 83 kilometer, 132 kV high voltage transmission line to connect the Arauco Wind Project II plants to the 500 kV distribution transforming station (La Rioja Sur- operated by Transnoa) that connects with the national grid (the “Project”).The Project will sell electricity to CAMMESA under two 20-year power purchase agreements (the “PPAs” and each a “PPA”) awarded under the RenovAr Program, as further described below. The PPA for Phases 1 and 2 was won by the Sponsor at a price of US$ 67.19/MWh under RenovAr Round 1.0 and the PPA for Phases 3 and 4 was won by the Sponsor at a price of US$56.67/MWh under RenovAr Round 1.5. The Project is expected to start production by 2019. The financing will consist of an A Loan for up to US$50M from the IDB Group and the balance from other co-lenders, like CESCE.
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Caja Los Heroes FI Partnership The proposed project includes a financing mechanism for the Caja de Héroes Family Allowance Compensation Fund (“Caja Los Héroes” or “Caja”) that will allow the Caja to deepen and expand its program of financial inclusion to employees and pensioners, improving access to financial services for the underserved sectors of traditional banking. The Financial Inclusion Agreement will provide Caja Los Héroes with an unsecured senior loan for up to US$50 million, which will have a term of up to six years with two years of grace. The proposed project includes a financing mechanism for the Caja de Héroes Family Allowance Compensation Fund (“Caja Los Héroes” or “Caja”) that will allow the Caja to deepen and expand its program of financial inclusion to employees and pensioners, improving access to financial services for the underserved sectors of traditional banking. The Financial Inclusion Agreement will provide Caja Los Héroes with an unsecured senior loan for up to US$50 million, which will have a term of up to six years with two years of grace.
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MARINASOL Corporativo Marinasol S.A. (the “Company” or “Marinasol”) began operating in 1987. It is currently the entity that groups the aquaculture division of DC Group in Peru and is mainly engaged in shrimp production and marketing. It has broad sector experience (over 30 years), is a national leading company with a 48% share in shrimp production and export and is based globally in over 16export destinations, the most important of which are Asia (China, Malaysia and Korea), United States and Europe.IDB Invest will structure a financing program with a committed tranche for US$17.5million to fund the long-term investment plan to expand the capacity and improve the efficiency of existing operations, as well as the structural working capital (the “Project”) required by the Company. There is also an uncommitted tranche of up to US$3.75million for new investments of the same nature as those described above, to be completed in Peru. Marinasol S.A. (the “Company” or “Marinasol”) began operating in 1987. It is currently the entity that groups the aquaculture division of DC Group in Peru and is mainly engaged in shrimp production and marketing. It has broad sector experience (over 30 years), is a national leading company with a 48% share in shrimp production and export and is based globally in over 16export destinations, the most important of which are Asia (China, Malaysia and Korea), United States and Europe.IDB Invest will structure a financing program with a committed tranche for US$17.5million to fund the long-term investment plan to expand the capacity and improve the efficiency of existing operations, as well as the structural working capital (the “Project”) required by the Company. There is also an uncommitted tranche of up to US$3.75million for new investments of the same nature as those described above, to be completed in Peru.
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Cafe Soluble El propósito del proyecto es ayudar a mejorar la competitividad de la Compañía por medio de la modernización y ampliación de la planta procesadora. Cabe agregar que el proyecto contribuirá a que la gestión medioambiental de la compañía se ponga a la altura de las normas internacionales. El papel de la CII será el siguiente: Proporcionar financiamiento a largo plazo: Los recursos a largo plazo son escasos en Nicaragua. Recientemente se ha visto reducido aún más el crédito para el sector privado, a raíz de las dificultades experimentadas recientemente por algunos bancos locales. Apoyar a una industria con un componente de elevado valor agregado: El proceso de producción de café molido y café soluble incluye la limpieza, el tostado y el molido de los granos de café verde para producir café tostado y molido, así como la posterior extracción del licor del café tostado molido y su deshidratación para obtener café soluble. En virtud de las ventajas comparativas de Nicaragua, sus exportaciones de café elaborado tienen un gran potencial de crecimiento. Fortalecer una empresa de tamaño mediano: El proyecto ayudará a la compañía a adaptarse al crecimiento que ha experimentado recientemente y a realizar su potencial. Generar ingresos en divisas: La compañía ha experimentado un importante crecimiento durante el último quinquenio, penetrando en nuevos mercados de exportación. El proyecto dará un impulso adicional a las ventas anuales y las exportaciones de la compañía. Generar ventas para empresas pequeñas y medianas: La compañía es un importante comprador de material de empaque y café verde producido en Centroamérica, principalmente por pequeñas y medianas empresas de Nicaragua, El Salvador y Guatemala. Promover la producción y comercialización de productos de alta calidad: La compañía obtuvo recientemente el certificado ISO 9002 de calidad, hecho que debería ayudarle a penetrar nuevos mercados. Proteger el medio ambiente: El proyecto ayudará a la compañía a mejorar su cumplimiento con las normas de protección del medio ambiente, poniéndose a la altura de las normas internacionales. La compañía pondrá en práctica una serie de medidas ideadas para reducir la generación de contaminantes líquidos que requieran de tratamiento. El propósito del proyecto es ayudar a mejorar la competitividad de la Compañía por medio de la modernización y ampliación de la planta procesadora. Cabe agregar que el proyecto contribuirá a que la gestión medioambiental de la compañía se ponga a la altura de las normas internacionales. El papel de la CII será el siguiente: Proporcionar financiamiento a largo plazo: Los recursos a largo plazo son escasos en Nicaragua. Recientemente se ha visto reducido aún más el crédito para el sector privado, a raíz de las dificultades experimentadas recientemente por algunos bancos locales. Apoyar a una industria con un componente de elevado valor agregado: El proceso de producción de café molido y café soluble incluye la limpieza, el tostado y el molido de los granos de café verde para producir café tostado y molido, así como la posterior extracción del licor del café tostado molido y su deshidratación para obtener café soluble. En virtud de las ventajas comparativas de Nicaragua, sus exportaciones de café elaborado tienen un gran potencial de crecimiento. Fortalecer una empresa de tamaño mediano: El proyecto ayudará a la compañía a adaptarse al crecimiento que ha experimentado recientemente y a realizar su potencial. Generar ingresos en divisas: La compañía ha experimentado un importante crecimiento durante el último quinquenio, penetrando en nuevos mercados de exportación. El proyecto dará un impulso adicional a las ventas anuales y las exportaciones de la compañía. Generar ventas para empresas pequeñas y medianas: La compañía es un importante comprador de material de empaque y café verde producido en Centroamérica, principalmente por pequeñas y medianas empresas de Nicaragua, El Salvador y Guatemala. Promover la producción y comercialización de productos de alta calidad: La compañía obtuvo recientemente el certificado ISO 9002 de calidad, hecho que debería ayudarle a penetrar nuevos mercados. Proteger el medio ambiente: El proyecto ayudará a la compañía a mejorar su cumplimiento con las normas de protección del medio ambiente, poniéndose a la altura de las normas internacionales. La compañía pondrá en práctica una serie de medidas ideadas para reducir la generación de contaminantes líquidos que requieran de tratamiento.
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Continental Tire Andina S.A. The project consists of a corporate loan to be used for (i) financing investments in fixed assets to maintain installed capacity, improve product quality, and increase operating efficiency; (ii) investing in several subprojects that will comply with environmental management programs and standards such as ISO 14001; and (iii) financing permanent working capital. Compañía Ecuatoriana de Caucho (Erco) produces and sells Continental and General Tire brand tires for automobiles, light trucks, and trucks. The company has more than thirty years of experience. Erco is the leader in the domestic market in Ecuador and exports a significant percentage of its production to Andean region countries. The project consists of a corporate loan to be used for (i) financing investments in fixed assets to maintain installed capacity, improve product quality, and increase operating efficiency; (ii) investing in several subprojects that will comply with environmental management programs and standards such as ISO 14001; and (iii) financing permanent working capital. Compañía Ecuatoriana de Caucho (Erco) produces and sells Continental and General Tire brand tires for automobiles, light trucks, and trucks. The company has more than thirty years of experience. Erco is the leader in the domestic market in Ecuador and exports a significant percentage of its production to Andean region countries.
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Ingenio San Carlos Sociedad Agrícola e Industrial San Carlos S.A. (Ingenio San Carlos), founded in 1937, has a long track record as an integrated producer of sugar, cogenerated power, and alcohol. Over the past three years it has produced, on average, 31% of Ecuador’s total sugar output, and it has a one-third share, approximately, of Ecuador’s sugar market. On July 20, 2010, the Ministry of the Environment tapped Ingenio San Carlos for the Ecuadorian environmental recognition award for 2010 (the first in the country’s history) in view of the company’s cleaner production program. This program refers to Ingenio San Carlos’ project for cogenerating electricity from biomass (bagasse) that enables the company to sell surplus power to the national grid. The purpose of this IIC operation is to enable Ingenio San Carlos to finance a part of its investments in fixed assets for 2010, mainly in irrigation systems, equipment, and plant maintenance. Sociedad Agrícola e Industrial San Carlos S.A. (Ingenio San Carlos), founded in 1937, has a long track record as an integrated producer of sugar, cogenerated power, and alcohol. Over the past three years it has produced, on average, 31% of Ecuador’s total sugar output, and it has a one-third share, approximately, of Ecuador’s sugar market. On July 20, 2010, the Ministry of the Environment tapped Ingenio San Carlos for the Ecuadorian environmental recognition award for 2010 (the first in the country’s history) in view of the company’s cleaner production program. This program refers to Ingenio San Carlos’ project for cogenerating electricity from biomass (bagasse) that enables the company to sell surplus power to the national grid. The purpose of this IIC operation is to enable Ingenio San Carlos to finance a part of its investments in fixed assets for 2010, mainly in irrigation systems, equipment, and plant maintenance.
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Caracol Knits, S.A. de C.V. CK is a company whose core activities are the manufacturing, processing, in-bond assembly, marketing, importing, and exporting of fabric, garments, and accessories. A full 81% of its manufacturing services are provided to Fruit of the Loom.The objective of this IIC operation is to provide CK with financing for the second phase of its project to design, supply, and build the industrial and agricultural components of a biomass (king grass and Bio-G) generation plant in Honduras with 20 megawatts of nominal capacity. Approximately 15 MW of the power generated will be used in the textile operations of the CK group of companies and the remainder sold to the Honduran National Electric Energy Company (ENEE).In the first phase, the company used its own resources to finance the installation of a saturated steam boiler capable of generating 35 tons of steam per hour and a backpressure turbine with 2 MW of installed capacity. The second phase consists of installing a boiler capable of generating 100 tons of steam per hour and a condensing turbine with 18 MW of nominal electric generating capacity. This phase also includes an investment in the agricultural components (planting of biomass crops) needed to fuel the boiler.The total cost of the project is US$65.2 million (US$22 million for the first phase and US$43.2 million for the second). CK is a company whose core activities are the manufacturing, processing, in-bond assembly, marketing, importing, and exporting of fabric, garments, and accessories. A full 81% of its manufacturing services are provided to Fruit of the Loom.The objective of this IIC operation is to provide CK with financing for the second phase of its project to design, supply, and build the industrial and agricultural components of a biomass (king grass and Bio-G) generation plant in Honduras with 20 megawatts of nominal capacity. Approximately 15 MW of the power generated will be used in the textile operations of the CK group of companies and the remainder sold to the Honduran National Electric Energy Company (ENEE).In the first phase, the company used its own resources to finance the installation of a saturated steam boiler capable of generating 35 tons of steam per hour and a backpressure turbine with 2 MW of installed capacity. The second phase consists of installing a boiler capable of generating 100 tons of steam per hour and a condensing turbine with 18 MW of nominal electric generating capacity. This phase also includes an investment in the agricultural components (planting of biomass crops) needed to fuel the boiler.The total cost of the project is US$65.2 million (US$22 million for the first phase and US$43.2 million for the second).
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Floating Storage Regasification Unit for Acajutla LNG to Power Project The Project involves the purchase and conversion of a liquified natural gas (“LNG”) carrier (“LNGC”) to a Floating Storage and Regasification Unit (“FSRU”). The FSRU will be permanently moored at the port of Acajutla in the Department of Sonsonate, in El Salvador, to provide liquified natural gas regasification services to Energia del Pacifico Limitada de CV (“EDP”), a 378-megawatt combined cycle thermal power plant financed by IDB Invest in 2019. The FSRU is an essential piece for the operation of the LNG-to-power plant, which is expected to be the lowest cost thermal generator in El Salvador, a country heavily reliant on imported heavy fuel oil-fired generators for its dispatched power, and to provide reliable energy, reduced carbon emissions and increased foreign investment.The Project sponsors are BW Gas Ltd (“BW”) and Invenergy Investment Company LLC (“Invenergy”). BW is a global maritime company involved in the infrastructure development, production, and shipping of natural gas. Invenergy is a global developer and operator company for provision of diverse energy solutions (natural gas, wind, solar, storage). The Project developer companies (the “Borrowers”) are: i) FSRU, Ltda. de C.V, a Salvadorian company; and ii) FSRU Development Pte Ltd, a Singaporean firm. Both borrower companies are jointly owned by the sponsors.FSRU Development Pte Ltd is the current owner of the liquid natural gas carrier (LNGC) ship ‘BW Tatiana’, a moss-type tanker previously owned by Shell (and named SS Gallina) and which will be converted into an FSRU. Once converted, the FSRU will then be transferred from the shipyard in Singapore and moored at the project location in Acajutla, El Salvador, as part of supply gas infrastructure to EDP’s LNG-to-power plant. Ownership of BW Tatiana will be transferred to FSRU Ltda. de C.V. for the operational phase of the Project. The Project involves the purchase and conversion of a liquified natural gas (“LNG”) carrier (“LNGC”) to a Floating Storage and Regasification Unit (“FSRU”). The FSRU will be permanently moored at the port of Acajutla in the Department of Sonsonate, in El Salvador, to provide liquified natural gas regasification services to Energia del Pacifico Limitada de CV (“EDP”), a 378-megawatt combined cycle thermal power plant financed by IDB Invest in 2019. The FSRU is an essential piece for the operation of the LNG-to-power plant, which is expected to be the lowest cost thermal generator in El Salvador, a country heavily reliant on imported heavy fuel oil-fired generators for its dispatched power, and to provide reliable energy, reduced carbon emissions and increased foreign investment.The Project sponsors are BW Gas Ltd (“BW”) and Invenergy Investment Company LLC (“Invenergy”). BW is a global maritime company involved in the infrastructure development, production, and shipping of natural gas. Invenergy is a global developer and operator company for provision of diverse energy solutions (natural gas, wind, solar, storage). The Project developer companies (the “Borrowers”) are: i) FSRU, Ltda. de C.V, a Salvadorian company; and ii) FSRU Development Pte Ltd, a Singaporean firm. Both borrower companies are jointly owned by the sponsors.FSRU Development Pte Ltd is the current owner of the liquid natural gas carrier (LNGC) ship ‘BW Tatiana’, a moss-type tanker previously owned by Shell (and named SS Gallina) and which will be converted into an FSRU. Once converted, the FSRU will then be transferred from the shipyard in Singapore and moored at the project location in Acajutla, El Salvador, as part of supply gas infrastructure to EDP’s LNG-to-power plant. Ownership of BW Tatiana will be transferred to FSRU Ltda. de C.V. for the operational phase of the Project.
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Banistmo II Banistmo is an entity domiciled in Panama. It began operating in 1973 and was acquired in October 2013 by Bancolombia S.A., a financial entity that is Colombian in origin and has a net worth of US$8 billion, making it the eighth largest private bank in Latin America. Banistmo is a full-service bank regulated by Panama’s banking regulator (Superintendencia de Bancos de Panamá). It provides a wide variety of financial services both directly and through its affiliates, mainly to institutions and natural persons. In addition to consumer banking and services to corporate clients, Banistmo provides financial leasing, trust asset management and services like payment, registry, brokerage, and trading of securities.Banistmo is the second largest private bank in Panama. It had a market share of 12 percent as of March 2015 by deposits and a 14 percent market share by loan portfolio. It is a diversified bank, with 17 percent of its portfolio in the consumer sector, 27 percent in residential mortgage lending, and 56 percent in corporate lending. Banistmo has 455,000 customers, 55 branches, and more than 300 ATMs. Micro, small, and medium sized enterprises account for 63% of the total number of enterprises financed by the Bank. The rest are large corporate clients.The objective of this financing is to support small and medium-sized companies, in Panama mainly but also in Barbados, Belize, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Guyana, Honduras, Jamaica, Nicaragua, Peru, Suriname, The Bahamas, and Trinidad and Tobago, where the Bank has an opportunity to grow through credit transactions to finance working capital or the purchase of fixed assets. Banistmo is an entity domiciled in Panama. It began operating in 1973 and was acquired in October 2013 by Bancolombia S.A., a financial entity that is Colombian in origin and has a net worth of US$8 billion, making it the eighth largest private bank in Latin America. Banistmo is a full-service bank regulated by Panama’s banking regulator (Superintendencia de Bancos de Panamá). It provides a wide variety of financial services both directly and through its affiliates, mainly to institutions and natural persons. In addition to consumer banking and services to corporate clients, Banistmo provides financial leasing, trust asset management and services like payment, registry, brokerage, and trading of securities.Banistmo is the second largest private bank in Panama. It had a market share of 12 percent as of March 2015 by deposits and a 14 percent market share by loan portfolio. It is a diversified bank, with 17 percent of its portfolio in the consumer sector, 27 percent in residential mortgage lending, and 56 percent in corporate lending. Banistmo has 455,000 customers, 55 branches, and more than 300 ATMs. Micro, small, and medium sized enterprises account for 63% of the total number of enterprises financed by the Bank. The rest are large corporate clients.The objective of this financing is to support small and medium-sized companies, in Panama mainly but also in Barbados, Belize, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Guyana, Honduras, Jamaica, Nicaragua, Peru, Suriname, The Bahamas, and Trinidad and Tobago, where the Bank has an opportunity to grow through credit transactions to finance working capital or the purchase of fixed assets.
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Cocorisa The purpose of the project is to improve the company's cash flow and thus improve its debt profile. The project consists of restructuring short-term debt.Providing long-term financing: Sources of long-term financing are scarce in Costa Rica: This operation will help Corrugadora de Costa Rica, S.A. ("Cocorisa" or the "Company") meet its immediate needs, such as restructuring short-term debt.Supporting a high value-added industry: The corrugated cardboard packaging industry is of strategic value for developing countries because it directly supports exports and, indirectly, spurs domestic economic activity.Strengthening a medium-size company: The proposed loan will enable the company to consolidate the recent introduction of modern productive processes and best practices in order to enhance the efficiency of its operations and consolidate its contribution to the local economy. The purpose of the project is to improve the company's cash flow and thus improve its debt profile. The project consists of restructuring short-term debt.Providing long-term financing: Sources of long-term financing are scarce in Costa Rica: This operation will help Corrugadora de Costa Rica, S.A. ("Cocorisa" or the "Company") meet its immediate needs, such as restructuring short-term debt.Supporting a high value-added industry: The corrugated cardboard packaging industry is of strategic value for developing countries because it directly supports exports and, indirectly, spurs domestic economic activity.Strengthening a medium-size company: The proposed loan will enable the company to consolidate the recent introduction of modern productive processes and best practices in order to enhance the efficiency of its operations and consolidate its contribution to the local economy.
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Viru TSCF Loan It consists of a committed line of credit for up to US$20 million for use in working capital of the artichoke cultivation (the “Facility”) of Virú S.A. (“Virú or the“ Company ”), specially structured to cover the cash conversion cycle of the production and sale of the crop for the next three years, to ensure the growth and sustainability of the value-added artichoke products that Virú exports . The objective of the transaction is to strengthen the linkages of its value chain, which will allow the Company to increase exports of processed artichoke and the integration of more than 50 new producers. It consists of a committed line of credit for up to US$20 million for use in working capital of the artichoke cultivation (the “Facility”) of Virú S.A. (“Virú or the“ Company ”), specially structured to cover the cash conversion cycle of the production and sale of the crop for the next three years, to ensure the growth and sustainability of the value-added artichoke products that Virú exports . The objective of the transaction is to strengthen the linkages of its value chain, which will allow the Company to increase exports of processed artichoke and the integration of more than 50 new producers.
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CASEIF IV LP (Central America Fund) CASEIF IV LP (Central America Fund) (the "Fund" or "CASEIF IV") is a new regional private equity fund that will provide growth capital and structured financing (mezzanine debt) to mid-sized companies with high growth potential in Central America, the Dominican Republic, and Colombia.CASEIF IV will be managed by LAFISE Investment Management Ltd. ("LIM"). Founded in 2000, with the support of IDB Lab (formerly MIF) and Norfund, LIM is the longest-standing Central American venture capital and impact investment fund manager dedicated to supporting the growth of Small and Medium-sized Enterprises (“SMEs”) in Central America.CASEIF IV is expected to play an important counter-cyclical role in the midst of the severe Covid-19 crisis and the recent hurricanes that impacted Central America, with a target size of US$75 million and US$400,000 for technical assistance funds. It is expected to become the largest private equity fund ever created that focuses primarily on Central America and the Dominican Republic (at least 85% of the fund), with the objective of supporting the growth of medium-sized enterprises.The Fund's investment philosophy focuses primarily on aiding the development of the regional private sector by supporting entrepreneurs with strong regional expansion plans, acquiring new technologies to increase productivity and/or penetrate new market segments, and capitalizing on nearshoring opportunities. The Fund will invest in approximately 12 medium-sized companies with high growth potential in all economic sectors (multi-sector fund), particularly focusing on those where LIM has built special capabilities and networks for value creation, such as agribusiness, food and beverage manufacturing and processing, education, and information technology (“IT”). CASEIF IV LP (Central America Fund) (the "Fund" or "CASEIF IV") is a new regional private equity fund that will provide growth capital and structured financing (mezzanine debt) to mid-sized companies with high growth potential in Central America, the Dominican Republic, and Colombia.CASEIF IV will be managed by LAFISE Investment Management Ltd. ("LIM"). Founded in 2000, with the support of IDB Lab (formerly MIF) and Norfund, LIM is the longest-standing Central American venture capital and impact investment fund manager dedicated to supporting the growth of Small and Medium-sized Enterprises (“SMEs”) in Central America.CASEIF IV is expected to play an important counter-cyclical role in the midst of the severe Covid-19 crisis and the recent hurricanes that impacted Central America, with a target size of US$75 million and US$400,000 for technical assistance funds. It is expected to become the largest private equity fund ever created that focuses primarily on Central America and the Dominican Republic (at least 85% of the fund), with the objective of supporting the growth of medium-sized enterprises.The Fund's investment philosophy focuses primarily on aiding the development of the regional private sector by supporting entrepreneurs with strong regional expansion plans, acquiring new technologies to increase productivity and/or penetrate new market segments, and capitalizing on nearshoring opportunities. The Fund will invest in approximately 12 medium-sized companies with high growth potential in all economic sectors (multi-sector fund), particularly focusing on those where LIM has built special capabilities and networks for value creation, such as agribusiness, food and beverage manufacturing and processing, education, and information technology (“IT”).
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Andean Power Generation The IIC closed an agreement for an investment in common stock of up to US$3.9 million in Peruvian company Andean Power Generation S.A.C. The proceeds of the investment will be allocated to the construction and commissioning of the El Carmen and 8 de Agosto run-of-the-river hydropower projects, with a total installed capacity of 27.4 MW in the Monzón district, Huánuco department, Peru. Andean Power Generation S.A.C. is a Peruvian company whose purpose is to channel investments to Generación Andina S.A.C., the owner and developer of the two hydroelectric power plants, as well as a transmission line and the related substations. The hydroelectric plants are expected to start operating during the first quarter of 2016.Generación Andina is the owner and developer of the rights to develop and build two run-of-the-river hydroelectric plants¬—El Carmen (8.4 MW) and 8 de Agosto (19 MW)—along with a 60-km transmission line for the plants.The funds raised from the stock issue will be used for the construction and commissioning of the El Carmen and 8 de Agosto hydroelectric projects. The IIC closed an agreement for an investment in common stock of up to US$3.9 million in Peruvian company Andean Power Generation S.A.C. The proceeds of the investment will be allocated to the construction and commissioning of the El Carmen and 8 de Agosto run-of-the-river hydropower projects, with a total installed capacity of 27.4 MW in the Monzón district, Huánuco department, Peru. Andean Power Generation S.A.C. is a Peruvian company whose purpose is to channel investments to Generación Andina S.A.C., the owner and developer of the two hydroelectric power plants, as well as a transmission line and the related substations. The hydroelectric plants are expected to start operating during the first quarter of 2016.Generación Andina is the owner and developer of the rights to develop and build two run-of-the-river hydroelectric plants¬—El Carmen (8.4 MW) and 8 de Agosto (19 MW)—along with a 60-km transmission line for the plants.The funds raised from the stock issue will be used for the construction and commissioning of the El Carmen and 8 de Agosto hydroelectric projects.
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Subordinated Project #16 The project consists of a subordinated loan with a parallel financing component of up to US$420million 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$100million; (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. The project consists of a subordinated loan with a parallel financing component of up to US$420million 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$100million; (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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Caja Municipal de Ahorro y Crédito Cusco IDB Invest seeks to support Caja Municipal de Ahorro y Crédito Cusco S.A (“Caja Cusco”) with a subordinate loan worth the equivalent of US$25 million in Peruvian soles (“PEN”), with a 10-year tenor and five years of grace, and unsecured, under Peruvian regulations applicable to subordinated debt (the “Project”). The Project is aimed at contributing to strengthen the Institution’s capital to assist financially micro and small companies affected by COVID-19. Additionally, the Project will seek to enhance the agricultural portfolio growth to finance ethnic minorities in order to improve their access to this type of financial services and to make this product accessible in other regions of Peru. IDB Invest seeks to support Caja Municipal de Ahorro y Crédito Cusco S.A (“Caja Cusco”) with a subordinate loan worth the equivalent of US$25 million in Peruvian soles (“PEN”), with a 10-year tenor and five years of grace, and unsecured, under Peruvian regulations applicable to subordinated debt (the “Project”). The Project is aimed at contributing to strengthen the Institution’s capital to assist financially micro and small companies affected by COVID-19. Additionally, the Project will seek to enhance the agricultural portfolio growth to finance ethnic minorities in order to improve their access to this type of financial services and to make this product accessible in other regions of Peru.
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Financiera Desyfin S.A. II Financiera Desyfin, S.A. provides factoring services, working capital loans, bid and performance bonds, revolving credit lines, pledge- and mortgage-backed loans, and time deposit and other financial services. Its target market is SMEs in Costa Rica, principally in the manufacturing, retail, and service sectors. Financiera Desyfin, S.A. is the largest finance company in Costa Rica in terms of assets. The purpose of this IIC project is to strengthen Desyfin’s equity position by purchasing up to one million dollars in preferred shares. This will enable Desyfin to expand its SME loan portfolio. Financiera Desyfin, S.A. provides factoring services, working capital loans, bid and performance bonds, revolving credit lines, pledge- and mortgage-backed loans, and time deposit and other financial services. Its target market is SMEs in Costa Rica, principally in the manufacturing, retail, and service sectors. Financiera Desyfin, S.A. is the largest finance company in Costa Rica in terms of assets. The purpose of this IIC project is to strengthen Desyfin’s equity position by purchasing up to one million dollars in preferred shares. This will enable Desyfin to expand its SME loan portfolio.
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Atlantic - Santa Vitoria do Palmar Santa Vitoria do Palmar wind power project (the “Project” or “SVP”) will add 207 MW of renewable energy to the Brazilian electricity system, thus directly supporting the Government of Brazil’s (“GoB”) priorities to ensure a stable long-term electricity supply and the diversification of its energy matrix with the expected addition of around 10 GW from renewable sources by 2018. The Project consists of the construction of 12 adjacent wind farms totaling 207 MW and its associated facilities in the state of Rio Grande do Sul, located in the South of Brazil.The 12 wind farms of the SVP cluster had their energy contracted in the Leilão de Energia Proveniente de Novos Empreendimentos de Geração (New Energy Auction or “LEN”) auction A-5 of 2013 (10 of the wind farms) and A-3 of 2014 (2 of the wind farms). The Project will benefit from a 20-year R$ denominated power purchase agreement (“PPA”) at fixed average price of around R$124.5/MWh (~US$52.8/MWh) as of December 2013, indexed to inflation (IPCA, IGPM), signed with the system distribution companies (“DisCos”). The DisCos pay the generation companies through the Chamber of Electricity Energy Commercialization (Câmara de Comercialização de Energia Elétrica or “CCEE”- Electricity Clearing House) which is the institution that intermediates the energy contracts between the DisCos and the generation companies. Electrical studies were presented to the relevant authorities, which provided a favorable opinion to the Project´s interconnection specifications for the assigned node. The Borrower has entered into turn-key EPC contracts covering civil works, equipment and turbines from first-tier manufacturers and a long-term O&M contract for at least the life of the IDB Group loan. The Project has an estimated 22-month construction period, with construction having started by the third quarter of 2015. Wind resource has been assessed by AWS Truepower and Inova Energy based on a three year on-site wind measurements at 120m hub height. The Project has a capacity factor of over 50% and estimated annual energy production at P90 of 935 GWh/year, with expected 4,516 equivalent hours.Transaction Structure and Financing Highlights.The estimated total cost of the Project is of up to R$1.3 billion, which will be financed through an IDB Group Guarantee for the debentures to improve their risk profile and pricing. It is estimated that the IDBG participation will amount of up to R$162 million. The financial plan will be completed with the participation of two local development institutions, as well as equity contributions for around 65/35 debt-to-equity ratio. The Project will be required to meet the customary debt sizing criteria applied to wind projects, DSCR 1.30x for P9010-yearsand 1.00x for P991-year. The IDBG Guarantee is expected to have a tenor of up to 12 years.The project will have the security package customary for this type of project finance transactions.Development Impact.The Project will have positive developmental impacts, such as: (i) adding 207 MW of renewable capacity to the Brazilian grid and thus decreasing thermal and hydro generation reliance; (ii) reducing carbon emissions; (iii) assisting a growing private-sector company in the Brazilian power sector, positioned to promote the much needed consolidation of the market segment related to small and medium-sized renewable energy projects; and (iv) improving the sites’ local infrastructure and increasing local income. Santa Vitoria do Palmar wind power project (the “Project” or “SVP”) will add 207 MW of renewable energy to the Brazilian electricity system, thus directly supporting the Government of Brazil’s (“GoB”) priorities to ensure a stable long-term electricity supply and the diversification of its energy matrix with the expected addition of around 10 GW from renewable sources by 2018. The Project consists of the construction of 12 adjacent wind farms totaling 207 MW and its associated facilities in the state of Rio Grande do Sul, located in the South of Brazil.The 12 wind farms of the SVP cluster had their energy contracted in the Leilão de Energia Proveniente de Novos Empreendimentos de Geração (New Energy Auction or “LEN”) auction A-5 of 2013 (10 of the wind farms) and A-3 of 2014 (2 of the wind farms). The Project will benefit from a 20-year R$ denominated power purchase agreement (“PPA”) at fixed average price of around R$124.5/MWh (~US$52.8/MWh) as of December 2013, indexed to inflation (IPCA, IGPM), signed with the system distribution companies (“DisCos”). The DisCos pay the generation companies through the Chamber of Electricity Energy Commercialization (Câmara de Comercialização de Energia Elétrica or “CCEE”- Electricity Clearing House) which is the institution that intermediates the energy contracts between the DisCos and the generation companies. Electrical studies were presented to the relevant authorities, which provided a favorable opinion to the Project´s interconnection specifications for the assigned node. The Borrower has entered into turn-key EPC contracts covering civil works, equipment and turbines from first-tier manufacturers and a long-term O&M contract for at least the life of the IDB Group loan. The Project has an estimated 22-month construction period, with construction having started by the third quarter of 2015. Wind resource has been assessed by AWS Truepower and Inova Energy based on a three year on-site wind measurements at 120m hub height. The Project has a capacity factor of over 50% and estimated annual energy production at P90 of 935 GWh/year, with expected 4,516 equivalent hours.Transaction Structure and Financing Highlights.The estimated total cost of the Project is of up to R$1.3 billion, which will be financed through an IDB Group Guarantee for the debentures to improve their risk profile and pricing. It is estimated that the IDBG participation will amount of up to R$162 million. The financial plan will be completed with the participation of two local development institutions, as well as equity contributions for around 65/35 debt-to-equity ratio. The Project will be required to meet the customary debt sizing criteria applied to wind projects, DSCR 1.30x for P9010-yearsand 1.00x for P991-year. The IDBG Guarantee is expected to have a tenor of up to 12 years.The project will have the security package customary for this type of project finance transactions.Development Impact.The Project will have positive developmental impacts, such as: (i) adding 207 MW of renewable capacity to the Brazilian grid and thus decreasing thermal and hydro generation reliance; (ii) reducing carbon emissions; (iii) assisting a growing private-sector company in the Brazilian power sector, positioned to promote the much needed consolidation of the market segment related to small and medium-sized renewable energy projects; and (iv) improving the sites’ local infrastructure and increasing local income.
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PPP Educativa 3 The project "PPP Educativa 3" is the third package of educational infrastructure to be developed by the Government, through the Asociación Nacional de Educación Pública (ANEP) and the Instituto del Niño y Adolescente del Uruguay(INAU) under the modality of PPP Contracts to 22 years. The general objective of the project is to promote the development of infrastructure in educational centers managed by ANEP, in this case primary schools, as well as in theCentros de Atención de la Infancia y la Familia (CAIF) managed by the INAU, both in the generation of this , as well as in its subsequent maintenance. The project includes the design, financing, construction, operation, maintenance and equipment by the Concessionaire of 15 schools, and 27 CAIF centers. This process was awarded (provisionally) to the CIEU consortium (made up of BTD Capital 12 SL, Tecnove SL, Conami Ltda. And Basirey SA) to prepare the design, obtain financing, build and operate the educational infrastructure of the Project. The project "PPP Educativa 3" is the third package of educational infrastructure to be developed by the Government, through the Asociación Nacional de Educación Pública (ANEP) and the Instituto del Niño y Adolescente del Uruguay(INAU) under the modality of PPP Contracts to 22 years. The general objective of the project is to promote the development of infrastructure in educational centers managed by ANEP, in this case primary schools, as well as in theCentros de Atención de la Infancia y la Familia (CAIF) managed by the INAU, both in the generation of this , as well as in its subsequent maintenance. The project includes the design, financing, construction, operation, maintenance and equipment by the Concessionaire of 15 schools, and 27 CAIF centers. This process was awarded (provisionally) to the CIEU consortium (made up of BTD Capital 12 SL, Tecnove SL, Conami Ltda. And Basirey SA) to prepare the design, obtain financing, build and operate the educational infrastructure of the Project.
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Banco Sol - Social Gender Bond (PCG) The proposed transaction consists in a guarantee denominated in bolivianos (BOB) for up to US$15million to support an issuance in the Bolivian market of Social Gender Bonds in the amount of US$30 million by Banco Solidario, S.A. (“Banco Sol” or the “Bank”), to be financed by IDB Invest (the “Project”).IDB Invest will issue a Partial Credit Guarantee (PCG) for up to 50% of the bond issue in order to improve the rating profile of Banco Sol’s issuance.The resources of the bond will be used to finance micro and small-sized enterprises (“MSEs”) as well as MSEs owned and/or led by women so as to increase their productive investments and economic development. The proposed transaction consists in a guarantee denominated in bolivianos (BOB) for up to US$15million to support an issuance in the Bolivian market of Social Gender Bonds in the amount of US$30 million by Banco Solidario, S.A. (“Banco Sol” or the “Bank”), to be financed by IDB Invest (the “Project”).IDB Invest will issue a Partial Credit Guarantee (PCG) for up to 50% of the bond issue in order to improve the rating profile of Banco Sol’s issuance.The resources of the bond will be used to finance micro and small-sized enterprises (“MSEs”) as well as MSEs owned and/or led by women so as to increase their productive investments and economic development.
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JSL JSL, Vamos and CSB are Brazilian companies controlled by the SIMPAR Group, (“SIMPAR”, or the “Group”). SIMPAR controls and manages six independent companies that provide value-added rental, logistics, mobility and financial services, focused on long-term contracts. Overall, the companies that are part of SIMPAR buy, rent, maintain, finance, operate and sell vehicles and equipment. JSL is the leader in road logistics services in Brazil; Vamos is the leader of rental and sale of trucks, machinery, and equipment in Brazil; and CSB focuses on providing long term services to public companies, including passenger transportation, waste disposal, road and port terminal concessions.The proposed operation for JSL (the “Project”) aims at supporting the Client efforts to reduce Greenhouse Gas Emissions (“GHG”) in its operations. Transaction objectives include: (i) increase the participation of heavy electric, hybrid and biofuel vehicles in its fleet; (ii) support investments in Compressed Natural Gas ("CNG”) conversion; and (iii) innovation projects to optimize its operational process and integrating systems through the inclusion of technologies and programs to reduce the overall carbon footprint of its operations. JSL, Vamos and CSB are Brazilian companies controlled by the SIMPAR Group, (“SIMPAR”, or the “Group”). SIMPAR controls and manages six independent companies that provide value-added rental, logistics, mobility and financial services, focused on long-term contracts. Overall, the companies that are part of SIMPAR buy, rent, maintain, finance, operate and sell vehicles and equipment. JSL is the leader in road logistics services in Brazil; Vamos is the leader of rental and sale of trucks, machinery, and equipment in Brazil; and CSB focuses on providing long term services to public companies, including passenger transportation, waste disposal, road and port terminal concessions.The proposed operation for JSL (the “Project”) aims at supporting the Client efforts to reduce Greenhouse Gas Emissions (“GHG”) in its operations. Transaction objectives include: (i) increase the participation of heavy electric, hybrid and biofuel vehicles in its fleet; (ii) support investments in Compressed Natural Gas ("CNG”) conversion; and (iii) innovation projects to optimize its operational process and integrating systems through the inclusion of technologies and programs to reduce the overall carbon footprint of its operations.
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Zonamerica Zonamerica leases free zone office and warehouse space. The Company has focused its investments on the logistics sector, technology companies (software and biotechnology), and multinationals that provide shared services and offshore financial services. With this operation, the Corporation seeks to support Uruguay's sector of logistics, technology, and business platform parks, which has proven to be highly competitive in the MERCOSUR area, capitalizing on such comparative advantages as location, availability of skilled labor force, and infrastructure. The project consists of several subprojects: (i) construction of an office building (@3) as part of a complex with four intelligent buildings (Silicon Plaza) that will house software development and high-tech companies; (ii) transforming two warehouses into office buildings; (iii) converting an industrial plant into an office and laboratory building to attract biotech companies; (iv) investing in complementary technological, service, and infrastructure equipment to improve the services currently provided and meet the demand generated by the increased capacity of the park; and (v) investing in surrounding land for future Zonamerica development. The goal is to consolidate Zonamerica's position and maintain its competitive advantage over other free zones and industrial parks that cannot offer the same mix of benefits, infrastructure, and range of services.The IIC's role in the proposed operation is important because it will enable Zonamerica to expand its services and consolidate its position as a reliable provider of technology and business platform services. This long-term financing will lead to the creation of 1,100 jobs in the park, in addition to 300 jobs during construction. Zonamerica leases free zone office and warehouse space. The Company has focused its investments on the logistics sector, technology companies (software and biotechnology), and multinationals that provide shared services and offshore financial services. With this operation, the Corporation seeks to support Uruguay's sector of logistics, technology, and business platform parks, which has proven to be highly competitive in the MERCOSUR area, capitalizing on such comparative advantages as location, availability of skilled labor force, and infrastructure. The project consists of several subprojects: (i) construction of an office building (@3) as part of a complex with four intelligent buildings (Silicon Plaza) that will house software development and high-tech companies; (ii) transforming two warehouses into office buildings; (iii) converting an industrial plant into an office and laboratory building to attract biotech companies; (iv) investing in complementary technological, service, and infrastructure equipment to improve the services currently provided and meet the demand generated by the increased capacity of the park; and (v) investing in surrounding land for future Zonamerica development. The goal is to consolidate Zonamerica's position and maintain its competitive advantage over other free zones and industrial parks that cannot offer the same mix of benefits, infrastructure, and range of services.The IIC's role in the proposed operation is important because it will enable Zonamerica to expand its services and consolidate its position as a reliable provider of technology and business platform services. This long-term financing will lead to the creation of 1,100 jobs in the park, in addition to 300 jobs during construction.
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BBVA UR - Subordinated Sustainable Bond Scope of Environmental and Social Review. The environmental and social review of the proposed transaction was carried out through desk research, several client interviews, and a portfolio review. BBVA is an existing client of the IDB Group and has an Environmental and Social Management System (“ESMS”) in place. Through this transaction, IDB Invest is supporting BBVA to strengthen its ESMS and segment its portfolio to improve monitoring of the proposed green bond. Environmental and Social Categorization and Rationale. The proposed transaction is classified as an FI-2 per IIC´s Sustainability Policy. The sustainable bond is expected to contribute to more than five SDGs, with some of the underlying loans that will support by the sustainable bond: energy efficiency, sustainable construction, clean transportation, social housing, SMEs and micro‑enterprises, among others. The sub-loans will average between US$500thousand and US$750thousand. Category A sub-projects, representing corporate or project finance transactions, will be excluded. Environmental and Social (E&S) Risks and Impacts. The main E&S risks of this projects are associated with BBVA’s capacity to identify and manage the E&S risks associated with its lending activities. BBVA is improving its capacities and an Action Plan (see below) to enhance environmental and social management has been defined. The Environmental Social Health and Safety (“ESHS”) impacts and risks associated with loans to corporates and SMEs are likely to be moderate in nature. A review of BBVA’s human resources policies demonstrates compliance with Performance Standard 2. Mitigation Measures. BBVA has a short-form ESMS, which was created and is operated by its Risk Department. The ESMS includes a basic bank-defined exclusion list and informal designation of E&S responsibility within the risk department. There is strong commitment on the part of BBVA’s senior management to further formalize its sustainability strategy, policy, and operation of its ESMS. The Action Plan defined places priority on improvement of BBVA’s overall ESMS, formalization of procedures, enhanced due diligence in higher risk sectors, and capacity building, among others. The activities defined align with the wider use of proceeds defined in supporting BBVA with the issuance of its first Sustainability Bond. Environmental and Social Action Plan Activity Description Compliance Indicator Sustainability / Environmental Policy BBVA will formalize its commitment to E&S risk management and sustainability in the form of an environmental and social Policy. Senior Management sign off on bank‑wide Policy Enhanced ESMS BBVA will be required to work with a designated technical advisor to enhance its corporate-wide ESMS consistent with IDB Invest Requirements and IFC Performance Standard 1.[1] As part of this requirement, BBVA will form an ESMS/Sustainability committee (including credit risk, portfolio, and product development, among others) and assign a dedicated staff member / ESMS Manager to oversee enhancement and implementation of the ESMS. TOR for ESMS enhancement; updated ESMS Assignment or hiring environmental and social Analyst BBVA will hire (or assign) an environmental and social analysis, capable of (i) supporting the ESMS Manager; and (ii) providing technical analytical E&S support with regard to the review and due diligence of transactions with higher E&S risk. TOR for analyst position, and hired individual E&S capacity building Senior management, loan officers and credit analysts will be trained by the hired technical advisor on E&S management, the ESMS updates (to be undertaken by consultant), E&S risk management, and the IFC Performance Standards generally. Certificates of training completion (annual reporting for new personnel) Communication Plan / Mechanism BBVA will enhance its internal and external communication plan to include dissemination on its approach to sustainability, E&S risk management, and grievance response. Communication Plan [1] For a summary of the components of an ESMS, please see the IFC Interpretation Note for Financial Intermediaries. Contact Information For project inquiries, including environmental and social questions related to an IDB Invest transaction please contact the client (see “Investment Summary” tab), or IDBInvest using the email [email protected]. As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to [email protected] or [email protected], or calling +1(202) 623-3952. Scope of Environmental and Social Review. The environmental and social review of the proposed transaction was carried out through desk research, several client interviews, and a portfolio review. BBVA is an existing client of the IDB Group and has an Environmental and Social Management System (“ESMS”) in place. Through this transaction, IDB Invest is supporting BBVA to strengthen its ESMS and segment its portfolio to improve monitoring of the proposed green bond. Environmental and Social Categorization and Rationale. The proposed transaction is classified as an FI-2 per IIC´s Sustainability Policy. The sustainable bond is expected to contribute to more than five SDGs, with some of the underlying loans that will support by the sustainable bond: energy efficiency, sustainable construction, clean transportation, social housing, SMEs and micro‑enterprises, among others. The sub-loans will average between US$500thousand and US$750thousand. Category A sub-projects, representing corporate or project finance transactions, will be excluded. Environmental and Social (E&S) Risks and Impacts. The main E&S risks of this projects are associated with BBVA’s capacity to identify and manage the E&S risks associated with its lending activities. BBVA is improving its capacities and an Action Plan (see below) to enhance environmental and social management has been defined. The Environmental Social Health and Safety (“ESHS”) impacts and risks associated with loans to corporates and SMEs are likely to be moderate in nature. A review of BBVA’s human resources policies demonstrates compliance with Performance Standard 2. Mitigation Measures. BBVA has a short-form ESMS, which was created and is operated by its Risk Department. The ESMS includes a basic bank-defined exclusion list and informal designation of E&S responsibility within the risk department. There is strong commitment on the part of BBVA’s senior management to further formalize its sustainability strategy, policy, and operation of its ESMS. The Action Plan defined places priority on improvement of BBVA’s overall ESMS, formalization of procedures, enhanced due diligence in higher risk sectors, and capacity building, among others. The activities defined align with the wider use of proceeds defined in supporting BBVA with the issuance of its first Sustainability Bond. Environmental and Social Action Plan Activity Description Compliance Indicator Sustainability / Environmental Policy BBVA will formalize its commitment to E&S risk management and sustainability in the form of an environmental and social Policy. Senior Management sign off on bank‑wide Policy Enhanced ESMS BBVA will be required to work with a designated technical advisor to enhance its corporate-wide ESMS consistent with IDB Invest Requirements and IFC Performance Standard 1.[1] As part of this requirement, BBVA will form an ESMS/Sustainability committee (including credit risk, portfolio, and product development, among others) and assign a dedicated staff member / ESMS Manager to oversee enhancement and implementation of the ESMS. TOR for ESMS enhancement; updated ESMS Assignment or hiring environmental and social Analyst BBVA will hire (or assign) an environmental and social analysis, capable of (i) supporting the ESMS Manager; and (ii) providing technical analytical E&S support with regard to the review and due diligence of transactions with higher E&S risk. TOR for analyst position, and hired individual E&S capacity building Senior management, loan officers and credit analysts will be trained by the hired technical advisor on E&S management, the ESMS updates (to be undertaken by consultant), E&S risk management, and the IFC Performance Standards generally. Certificates of training completion (annual reporting for new personnel) Communication Plan / Mechanism BBVA will enhance its internal and external communication plan to include dissemination on its approach to sustainability, E&S risk management, and grievance response. Communication Plan [1] For a summary of the components of an ESMS, please see the IFC Interpretation Note for Financial Intermediaries. Contact Information For project inquiries, including environmental and social questions related to an IDB Invest transaction please contact the client (see “Investment Summary” tab), or IDBInvest using the email [email protected]. As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to [email protected] or [email protected], or calling +1(202) 623-3952.
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Global SME Financing Partnership The proposed operation contemplates a Senior Secured A/B Facility of up to US$20 million (the "Facility") to be financed by BID Invest and B lender/s. The Facility will consist of a first loan up to oneyear, renewable with tenors of up to four years, at the discretion of IDB Invest.Facility funds will be used to finance Micro, Small and Medium-Sized Enterprises ("MSMEs") through financial leasing operations.Additionally, technical advisory services are being designed to support the transaction in terms of climate finance and gender and inclusion. The proposed operation contemplates a Senior Secured A/B Facility of up to US$20 million (the "Facility") to be financed by BID Invest and B lender/s. The Facility will consist of a first loan up to oneyear, renewable with tenors of up to four years, at the discretion of IDB Invest.Facility funds will be used to finance Micro, Small and Medium-Sized Enterprises ("MSMEs") through financial leasing operations.Additionally, technical advisory services are being designed to support the transaction in terms of climate finance and gender and inclusion.
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Dos Pinos The proposed financing consists of a short-term revolving credit facility for up to US$25 million to be granted to Cooperativa de Productores de Leche Dos Pinos, R.L., located in Costa Rica, and its main subsidiaries in Guatemala, Panama, and the Dominican Republic ("Dos Pinos" or the "Company"). Dos Pinos will use the funds from IDB Invest to support its short-term liquidity given the current COVID-19 pandemic and its growing working capital needs due to the Company's recent expansions in the region, which support food security with an inclusive and sustainable business model (the "Project"). The proposed financing consists of a short-term revolving credit facility for up to US$25 million to be granted to Cooperativa de Productores de Leche Dos Pinos, R.L., located in Costa Rica, and its main subsidiaries in Guatemala, Panama, and the Dominican Republic ("Dos Pinos" or the "Company"). Dos Pinos will use the funds from IDB Invest to support its short-term liquidity given the current COVID-19 pandemic and its growing working capital needs due to the Company's recent expansions in the region, which support food security with an inclusive and sustainable business model (the "Project").
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CIFI Project Description: The project involves setting up an institution for funding small and medium-size infrastructure projects (up to US$50 million US$60 million per project) in Latin America and the Caribbean as a way of furthering economic development in the region and enabling additional funding to be channeled from private sources outside the region. In addition to funding projects (either by originating its own operations or participating in projects carried out by any other institution) ICIF may provide financial consultancy services on subjects connected with the infrastructures in question. Forty percent of ICIF's capital shall come from multilateral institutions, and the remaining 60% shall come from private international financial institutions. The project also envisages setting up a fund that shall use its resources for carrying out social projects in the region. ICIF's private shareholders shall use up to 15% of the dividends to which they are entitled to provide the fund with resources. The IIC is considering subscribing up to 20% of ICIF's initial capital at an aggregate cost to the Corporation not to exceed US$10,000,000. Project Description: The project involves setting up an institution for funding small and medium-size infrastructure projects (up to US$50 million US$60 million per project) in Latin America and the Caribbean as a way of furthering economic development in the region and enabling additional funding to be channeled from private sources outside the region. In addition to funding projects (either by originating its own operations or participating in projects carried out by any other institution) ICIF may provide financial consultancy services on subjects connected with the infrastructures in question. Forty percent of ICIF's capital shall come from multilateral institutions, and the remaining 60% shall come from private international financial institutions. The project also envisages setting up a fund that shall use its resources for carrying out social projects in the region. ICIF's private shareholders shall use up to 15% of the dividends to which they are entitled to provide the fund with resources. The IIC is considering subscribing up to 20% of ICIF's initial capital at an aggregate cost to the Corporation not to exceed US$10,000,000.
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Inter-American Opportunity Facility LP The Inter-American Investment Corporation (IIC) will make an equity investment of US$1,000,000 in the IOF, a Latin America and Caribbean-focused Social Impact Investment Fund in partnership with the Calvert Foundation, a US financial intermediary that enables individuals and institutions to invest for social good. Founded in 1988 with a mission to use investment capital to end poverty, CF offers a range of financial products and services that funds social impact projects while receiving a financial return.The Facility has a target size of US$ 20,000,000 and will be managed by a wholly-owned subsidiary of the Calvert Foundation. The Facility is expected to provide debt financing to Latin America and Caribbean SMEs focusing on financial, social and environmental impact results. The IDB Group (IIC, MIF, OMJ) will source, structure, and provide a pipeline of projects to the IOF. Apart from their equity investment in the Facility, CF will provide a loan to the Facility, raised from the CF investor base. Loan payments from social impact companies will be used to pay the Facility expenses, repay the Calvert Foundation loan to the Facility, and to make distributions to the equity holders. The Inter-American Investment Corporation (IIC) will make an equity investment of US$1,000,000 in the IOF, a Latin America and Caribbean-focused Social Impact Investment Fund in partnership with the Calvert Foundation, a US financial intermediary that enables individuals and institutions to invest for social good. Founded in 1988 with a mission to use investment capital to end poverty, CF offers a range of financial products and services that funds social impact projects while receiving a financial return.The Facility has a target size of US$ 20,000,000 and will be managed by a wholly-owned subsidiary of the Calvert Foundation. The Facility is expected to provide debt financing to Latin America and Caribbean SMEs focusing on financial, social and environmental impact results. The IDB Group (IIC, MIF, OMJ) will source, structure, and provide a pipeline of projects to the IOF. Apart from their equity investment in the Facility, CF will provide a loan to the Facility, raised from the CF investor base. Loan payments from social impact companies will be used to pay the Facility expenses, repay the Calvert Foundation loan to the Facility, and to make distributions to the equity holders.
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Banco Agromercantil Green Building Partnership The financing facility involves a USD-denominated unsecured subordinated loan for Banco Agromercantil Guatemala, S.A. (BAM or the Bank), of US$70 million, with a 10-year tenor including five years of grace. This financing transaction will be funded as follows: (i) US$50 million by IDB Invest; and (ii) US$20 million by the IDB. It is aimed at supporting Banco Agromercantil Guatemala, S.A. in its efforts to develop its green projects and the SME sector. It will also include advisory services, focused on expanding and diversifying the business line and designing new green products for sustainable construction and mobility. The financing facility involves a USD-denominated unsecured subordinated loan for Banco Agromercantil Guatemala, S.A. (BAM or the Bank), of US$70 million, with a 10-year tenor including five years of grace. This financing transaction will be funded as follows: (i) US$50 million by IDB Invest; and (ii) US$20 million by the IDB. It is aimed at supporting Banco Agromercantil Guatemala, S.A. in its efforts to develop its green projects and the SME sector. It will also include advisory services, focused on expanding and diversifying the business line and designing new green products for sustainable construction and mobility.
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Banco de Costa Rica The proceeds from the IIC Loan would be used to enhance BCR's capital as well as to finance Costa Rican SMEs with subloans of up to US$500,000.In 1948, the Founding Junta of the Second Republic of Costa Rica decreed the nationalization of the country's banking system, which included BCR. That year, in accordance with Articles 188 and 189 of the Costa Rican Constitution, BCR, along with all other state-owned banks, was declared an autonomous public law institution and a legal person in its own right with administrative autonomy.From its inception, BCR has engaged in activities in which it has a clear competitive advantage, allowing the Bank to develop excellent services and products, generate the profits necessary to keep it strong, reassert its reliability, and contribute to the country's development.In recent years, BCR has taken steps to streamline and innovate its services and customer care operations, with a view to achieving greater levels of responsiveness and convenience through the use and implementation of modern technology. The proceeds from the IIC Loan would be used to enhance BCR's capital as well as to finance Costa Rican SMEs with subloans of up to US$500,000.In 1948, the Founding Junta of the Second Republic of Costa Rica decreed the nationalization of the country's banking system, which included BCR. That year, in accordance with Articles 188 and 189 of the Costa Rican Constitution, BCR, along with all other state-owned banks, was declared an autonomous public law institution and a legal person in its own right with administrative autonomy.From its inception, BCR has engaged in activities in which it has a clear competitive advantage, allowing the Bank to develop excellent services and products, generate the profits necessary to keep it strong, reassert its reliability, and contribute to the country's development.In recent years, BCR has taken steps to streamline and innovate its services and customer care operations, with a view to achieving greater levels of responsiveness and convenience through the use and implementation of modern technology.
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Corti Wind Project El Corti wind power project (the “Project” or “El Corti”) will add 98.6 MW of renewable energy to the Argentinean electricity system, thus directly supporting the Government of Argentina’s (“GoA”) priorities to ensure a stable long-term electricity supply and the diversification of its energy matrix with the expected addition of 2.7 GW from renewables sources by 2018. The Project consists of the construction, operation and maintenance of a 98.6MW wind farm, its associated facilities, to be located south of the province of Buenos Aires, 17km northwest of the city of Bahia Blanca, Argentina. The Project will sign a 20-year power purchase agreement (“PPA”) with the wholesale electric market administrator (“CAMMESA”) to inject energy to the national interconnection system (¨SADI¨) via the 500KV-132KV Bahia Blanca substation, at a bidding price of US$59.36/MWh increased annually by an adjustment factor. Electrical studies were presented to the relevant authorities, which provided a favorable opinion to the Project´s interconnection specifications for the assigned node. The Borrower is expected to enter into a turn-key EPC contract covering civil works, equipment and turbines from a first-tier manufacturer and a long-term O&M contract for at least the life of the IDBG loan. It has an estimated 18-month construction period, with construction starting by the first quarter of 2017. Wind resource has been assessed by DNV based on on-site wind measurements from 2009 up to 2013, with average wind speeds of 8.9m/s at 93m hub height. The Project has a capacity factor of 51.8% and estimated annual energy production at P50 of 402.9GWh/year, with expected 4,537 equivalent hours.Transaction Structure and Financing Highlights. The estimated total cost of the Project is of up to US$175.0 million, which will be financed through an IDBG A loan of up to US$50 million. The financial plan will be completed with the participation of two other lenders, from the bilateral financial institutions or export-credit agencies, as well as equity contributions for a 75/25 debt-to-equity ratio. The Project will be required to meet the customary debt sizing criteria applied to wind projects, DSCR 1.30x for P9010-years and 1.00x for P991-year. The IDBG loan is expected to have a tenor of up to 15 years door-to-door. The project will have the security package customary for this type of project finance transactions.Development Impact. The Project will have positive developmental impacts, such as: (i) adding 98.6 MW of renewable capacity to the Argentinean grid, representing 15% of the total NCRE installed capacity, thus decreasing thermal and hydro generation reliance and contributing to the 20% goal of NCRE by 2025; and (ii) displacing approximately 198,226 equivalent tons of carbon emissions per year. Financial additionality is strong as the tenor of the financing is 15 years door to door, a long tenor that is critical for the financial viability of this type of infrastructure projects, and which is simply not available in the local capital markets[1]. Commercial banks have not structured long-term project financing transactions in Argentina for the last 10 years and hence the participation of multilateral and bilateral agencies in this first round of the RenovAR program will be key to its success. [1] Source: Dealogic Project Finance Database El Corti wind power project (the “Project” or “El Corti”) will add 98.6 MW of renewable energy to the Argentinean electricity system, thus directly supporting the Government of Argentina’s (“GoA”) priorities to ensure a stable long-term electricity supply and the diversification of its energy matrix with the expected addition of 2.7 GW from renewables sources by 2018. The Project consists of the construction, operation and maintenance of a 98.6MW wind farm, its associated facilities, to be located south of the province of Buenos Aires, 17km northwest of the city of Bahia Blanca, Argentina. The Project will sign a 20-year power purchase agreement (“PPA”) with the wholesale electric market administrator (“CAMMESA”) to inject energy to the national interconnection system (¨SADI¨) via the 500KV-132KV Bahia Blanca substation, at a bidding price of US$59.36/MWh increased annually by an adjustment factor. Electrical studies were presented to the relevant authorities, which provided a favorable opinion to the Project´s interconnection specifications for the assigned node. The Borrower is expected to enter into a turn-key EPC contract covering civil works, equipment and turbines from a first-tier manufacturer and a long-term O&M contract for at least the life of the IDBG loan. It has an estimated 18-month construction period, with construction starting by the first quarter of 2017. Wind resource has been assessed by DNV based on on-site wind measurements from 2009 up to 2013, with average wind speeds of 8.9m/s at 93m hub height. The Project has a capacity factor of 51.8% and estimated annual energy production at P50 of 402.9GWh/year, with expected 4,537 equivalent hours.Transaction Structure and Financing Highlights. The estimated total cost of the Project is of up to US$175.0 million, which will be financed through an IDBG A loan of up to US$50 million. The financial plan will be completed with the participation of two other lenders, from the bilateral financial institutions or export-credit agencies, as well as equity contributions for a 75/25 debt-to-equity ratio. The Project will be required to meet the customary debt sizing criteria applied to wind projects, DSCR 1.30x for P9010-years and 1.00x for P991-year. The IDBG loan is expected to have a tenor of up to 15 years door-to-door. The project will have the security package customary for this type of project finance transactions.Development Impact. The Project will have positive developmental impacts, such as: (i) adding 98.6 MW of renewable capacity to the Argentinean grid, representing 15% of the total NCRE installed capacity, thus decreasing thermal and hydro generation reliance and contributing to the 20% goal of NCRE by 2025; and (ii) displacing approximately 198,226 equivalent tons of carbon emissions per year. Financial additionality is strong as the tenor of the financing is 15 years door to door, a long tenor that is critical for the financial viability of this type of infrastructure projects, and which is simply not available in the local capital markets[1]. Commercial banks have not structured long-term project financing transactions in Argentina for the last 10 years and hence the participation of multilateral and bilateral agencies in this first round of the RenovAR program will be key to its success. [1] Source: Dealogic Project Finance Database
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Banco Ganadero, S.A. The funds from the stock issue will be used to strengthen Banco Ganadero’s capital structure, thus enabling it to grow, especially in western Bolivia.Banco Ganadero was established in 1993 in the city of Santa Cruz de la Sierra. It currently has branches in the cities of La Paz, Cochabamba, Trinidad, and Tarija, as well as additional smaller branches in the cities of Santa Cruz, La Paz, Cochabamba, Sucre, Tarija, Oruro, Cobija, Montero, Riberalta, and El Alto.Banco Ganadero seeks to support the development of the country’s productive and commercial activities and provides short-, medium-, and long-term loans that meet high quality standards. Its financing reaches Bolivia’s main sectors, including commerce, animal husbandry, industry, services, and agriculture. The funds from the stock issue will be used to strengthen Banco Ganadero’s capital structure, thus enabling it to grow, especially in western Bolivia.Banco Ganadero was established in 1993 in the city of Santa Cruz de la Sierra. It currently has branches in the cities of La Paz, Cochabamba, Trinidad, and Tarija, as well as additional smaller branches in the cities of Santa Cruz, La Paz, Cochabamba, Sucre, Tarija, Oruro, Cobija, Montero, Riberalta, and El Alto.Banco Ganadero seeks to support the development of the country’s productive and commercial activities and provides short-, medium-, and long-term loans that meet high quality standards. Its financing reaches Bolivia’s main sectors, including commerce, animal husbandry, industry, services, and agriculture.
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Fideicomiso Exponencial Confirming The proposed financing consists of a facility in which IDB Invest offers the Borrower Exponencial Confirming, as an obligor through a Trust, an uncommitted revolving credit facility. Through this facility, IDB Invest will make a series of disbursements for a capital amount of up to COP$200 thousand million (approximately USD50 million). The objective is to facilitate access to liquidity at competitive prices for suppliers of larger anchor companies (eligible debtors). The final beneficiaries will primarily be micro, small, and medium companies ("MSMEs") that sell their products and services to eligible debtors, who are the ultimate payers of the invoices.Exponencial Confirming as Trustor will use the credits to carry out confirming operations which consist of the purchase of invoices issued by eligible suppliers, mostly MSME companies to facilitate access to immediate liquidity before maturity. Once these invoices have been acquired, the Trust will receive payment of the invoices from the eligible debtor that will be previously approved in the IDB Invest risk area. The proposed financing consists of a facility in which IDB Invest offers the Borrower Exponencial Confirming, as an obligor through a Trust, an uncommitted revolving credit facility. Through this facility, IDB Invest will make a series of disbursements for a capital amount of up to COP$200 thousand million (approximately USD50 million). The objective is to facilitate access to liquidity at competitive prices for suppliers of larger anchor companies (eligible debtors). The final beneficiaries will primarily be micro, small, and medium companies ("MSMEs") that sell their products and services to eligible debtors, who are the ultimate payers of the invoices.Exponencial Confirming as Trustor will use the credits to carry out confirming operations which consist of the purchase of invoices issued by eligible suppliers, mostly MSME companies to facilitate access to immediate liquidity before maturity. Once these invoices have been acquired, the Trust will receive payment of the invoices from the eligible debtor that will be previously approved in the IDB Invest risk area.
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Udeman Bus Terminal Scope and Objective of the Project and IIC´s Participation: Scope and Objective of the Project and IIC´s Participation: Udeman project consists of the construction and operation of a 20,787 m2 multipurpose bus terminal facility in the city of Salto, the second largest city in Uruguay, that will significantly improve domestic and international bus passengers and small cargo transportation services. The terminal will include amenities associated with modern transportation facilities, including commercial and retail outlets. The Company will operate the bus terminal under a thirty-year concession awarded by the Salto Municipality (Intendencia Municipal de Salto) through a public bidding.IIC’s role in the proposed transaction is important for the following reasons:It will support an initiative of the private sector to offer a service provided, until now, by the public sector.It will provide financing for the construction of basic transportation and commercial infrastructure in one of Uruguay’s most important regions which is increasingly becoming an important tourist center.The project will have a positive social and economic impact from various perspectives. It will create 15 direct jobs and 350 indirect jobs, it will improve the quality of bus passenger service and ensure a minimum level of comfort and security to passengers, as well as provide a safe operation of the bus terminal. Scope and Objective of the Project and IIC´s Participation: Scope and Objective of the Project and IIC´s Participation: Udeman project consists of the construction and operation of a 20,787 m2 multipurpose bus terminal facility in the city of Salto, the second largest city in Uruguay, that will significantly improve domestic and international bus passengers and small cargo transportation services. The terminal will include amenities associated with modern transportation facilities, including commercial and retail outlets. The Company will operate the bus terminal under a thirty-year concession awarded by the Salto Municipality (Intendencia Municipal de Salto) through a public bidding.IIC’s role in the proposed transaction is important for the following reasons:It will support an initiative of the private sector to offer a service provided, until now, by the public sector.It will provide financing for the construction of basic transportation and commercial infrastructure in one of Uruguay’s most important regions which is increasingly becoming an important tourist center.The project will have a positive social and economic impact from various perspectives. It will create 15 direct jobs and 350 indirect jobs, it will improve the quality of bus passenger service and ensure a minimum level of comfort and security to passengers, as well as provide a safe operation of the bus terminal.
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Tiendas TÍA The Project entails financing for: (i) the Company’s expansion, with the opening of up to 100 new stores under its2019-2021 growth plan; and, if feasible (ii) the construction of a photovoltaic plant in its national distribution center.The project will allow the Company to increase the volume of transactions with suppliers, many of which are SMEs. The projected expansion will also allow Tía to expand its services within its target market (middle- and lower-class customers), who will benefit from improved access to quality products at competitive prices, as well as better service through online shopping and use of the application.Addendum: On October 19, 2021, this publication is revised to include a new line of US$ 5MM to be funded by the Clean Technology Fund (“CTF”) to finance the acquisition, installation, operation and maintenance of a portfolio of photovoltaic projectsof self-generation in selected locations of Tiendas TÍA. The Project entails financing for: (i) the Company’s expansion, with the opening of up to 100 new stores under its2019-2021 growth plan; and, if feasible (ii) the construction of a photovoltaic plant in its national distribution center.The project will allow the Company to increase the volume of transactions with suppliers, many of which are SMEs. The projected expansion will also allow Tía to expand its services within its target market (middle- and lower-class customers), who will benefit from improved access to quality products at competitive prices, as well as better service through online shopping and use of the application.Addendum: On October 19, 2021, this publication is revised to include a new line of US$ 5MM to be funded by the Clean Technology Fund (“CTF”) to finance the acquisition, installation, operation and maintenance of a portfolio of photovoltaic projectsof self-generation in selected locations of Tiendas TÍA.
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Ituango Hydroelectric Project Empresas Públicas de Medellín S.A E.S.P. ("EPM") is developing the Ituango Hydroelectric Project (the "Project"), an infrastructure project to significantly expand electricity in Colombia. Located in the Department of Antioquia, at less than one kilometer north of the Ituango River and approximately at 170 km from Medellin, the Project will be the largest hydroelectric generation plant in the country, with an installed capacity of 2,400 MW that will allow the generation of 13,900 GWh per year. The IDB Invest facility will support EPM's strategy through a 12-year non-sovereign guaranteed corporate loan, including a four-year grace period. IDB Invest's participation in this operation played a catalytic role in mobilizing new sources of long-term commercial financing for EPM.Between April and May 2018, the Project and its surrounding areas experienced heavy rains which caused large landslides. These events coupled with the geological characteristics resulted in a blockage of this structure which caused the premature filling of the reservoir. A sudden temporary unblock of one of its diversion tunnels caused flooding downstream of the dam, a situation that led to the preventive evacuation of the communities’ residents in the area and generated unanticipated environmental effects.As of August 2019, the Project's situation is as follows: (i) the spillway is in operation since March 2019; (ii) the dam height is complete at its final level of 435 meters above sea level; (iii) the first gate of the auxiliary diversion gallery has been reinstalled; (iv) the cleaning of the caverns of transformers, generators and surge chambers, which remained flooded for almost a year, is under way; and (v) the final closure of diversion tunnels is under way. At the end of July 2019, Colombia's National Disaster Risk Management Unit changed the risk level from red to orange for populations immediately downstream of the dam, making it possible for more than 600 families who were preemptively evacuated to return to their homes. As a result of the above, the Project timeline has been adjusted. Latest Updates from IDB InvestIDB Invest meets with civil society organizations to discuss Colombia’s Hidroituango projectLatest updates from EPMhttps://www.epm.com.co/site/home/sala-de-prensa/noticias-y-novedades/comunicado-proyecto-hidroelectrico-ituango/preguntas-y-repuestas-ituango Empresas Públicas de Medellín S.A E.S.P. ("EPM") is developing the Ituango Hydroelectric Project (the "Project"), an infrastructure project to significantly expand electricity in Colombia. Located in the Department of Antioquia, at less than one kilometer north of the Ituango River and approximately at 170 km from Medellin, the Project will be the largest hydroelectric generation plant in the country, with an installed capacity of 2,400 MW that will allow the generation of 13,900 GWh per year. The IDB Invest facility will support EPM's strategy through a 12-year non-sovereign guaranteed corporate loan, including a four-year grace period. IDB Invest's participation in this operation played a catalytic role in mobilizing new sources of long-term commercial financing for EPM.Between April and May 2018, the Project and its surrounding areas experienced heavy rains which caused large landslides. These events coupled with the geological characteristics resulted in a blockage of this structure which caused the premature filling of the reservoir. A sudden temporary unblock of one of its diversion tunnels caused flooding downstream of the dam, a situation that led to the preventive evacuation of the communities’ residents in the area and generated unanticipated environmental effects.As of August 2019, the Project's situation is as follows: (i) the spillway is in operation since March 2019; (ii) the dam height is complete at its final level of 435 meters above sea level; (iii) the first gate of the auxiliary diversion gallery has been reinstalled; (iv) the cleaning of the caverns of transformers, generators and surge chambers, which remained flooded for almost a year, is under way; and (v) the final closure of diversion tunnels is under way. At the end of July 2019, Colombia's National Disaster Risk Management Unit changed the risk level from red to orange for populations immediately downstream of the dam, making it possible for more than 600 families who were preemptively evacuated to return to their homes. As a result of the above, the Project timeline has been adjusted. Latest Updates from IDB InvestIDB Invest meets with civil society organizations to discuss Colombia’s Hidroituango projectLatest updates from EPMhttps://www.epm.com.co/site/home/sala-de-prensa/noticias-y-novedades/comunicado-proyecto-hidroelectrico-ituango/preguntas-y-repuestas-ituango
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Bancamia - Financing for Rural Producers and Microentrepreneurs The Project consists of a senior unsecured IIC-led A/B loan of up to US$56.6 million or its equivalent in Colombian Pesos (“COP”) to Bancamía S.A. (“Bancamía). The A loan will be for up to US$20 million equivalent in COP with an expected tenor of up to five years. The B Loan will be raised on a best efforts basis for up to US$35 million equivalent in COP and a tenor of up five years, depending on the market appetite and tenor preferences of the B lenders. The Project will also include a parallel financing of up to US$1.6 million from the Climate Smart Agriculture Fund (“CSAF”) and non reimbursable technical assistance funds of up to US$100,000.The Project’s objective is to finance the expansion of Bancamía’s portfolio to provide greater access to financing for small-scale farmers and microentrepreneurs in Colombia. The proceeds from the A/B loan will provide financing to rural small-scale farmers for working capital and productive investment needs; as well as to finance the working capital needs of microentrepreneurs. The CSAF tranche will be used to fund a new financial product intended to support small-scale farmers in adopting ecosystem-based measures to adapt to climate change, which enhance their productivity. With the non-reimbursable funds, the IIC will offer technical assistance for designing the new financial product dedicated to the small farmer investment portfolio and for establishing the differentiated tenors of the CSAF tranche.As a result of the IIC financing, Bancamía is expected to provide loans to approximately 35,000 rural microentrepreneurs and smallholder farmers for commercial and agricultural activities respectively, with a large majority (>70%) of the clients expected to be considered from the “vulnerable” population segment. This would be Bancamía’s first syndicated A/B Loan in COP, and the IDB Group’s first loan operation with Bancamía S.A.Bancamía S.A. is the second largest microfinance banking entity in Colombia. It is regulated by the Finance Superintendence (Superintendencia Financiera, “SFC”), Bancamía is the result of the integration of Fundación Microfinanzas BBVA, the Corporación Mundial de la Mujer Colombia (“CMMC”), and the Corporación Mundial de la Mujer-Medellín (“CMMM”). Bancamía currently serves 810,000 clients, 57% of which are women, and employs 3,583 people.Bancamía has a presence in 29 of Colombia’s 32 departments, serving more than 856 municipalities, 90% of them categorized as rural. It has 200 branches, 75% located in rural municipalities. In addition to productive microloans, Bancamía offers savings accounts, debit cards, and micro life, funeral, liability, and debt insurance. The Project consists of a senior unsecured IIC-led A/B loan of up to US$56.6 million or its equivalent in Colombian Pesos (“COP”) to Bancamía S.A. (“Bancamía). The A loan will be for up to US$20 million equivalent in COP with an expected tenor of up to five years. The B Loan will be raised on a best efforts basis for up to US$35 million equivalent in COP and a tenor of up five years, depending on the market appetite and tenor preferences of the B lenders. The Project will also include a parallel financing of up to US$1.6 million from the Climate Smart Agriculture Fund (“CSAF”) and non reimbursable technical assistance funds of up to US$100,000.The Project’s objective is to finance the expansion of Bancamía’s portfolio to provide greater access to financing for small-scale farmers and microentrepreneurs in Colombia. The proceeds from the A/B loan will provide financing to rural small-scale farmers for working capital and productive investment needs; as well as to finance the working capital needs of microentrepreneurs. The CSAF tranche will be used to fund a new financial product intended to support small-scale farmers in adopting ecosystem-based measures to adapt to climate change, which enhance their productivity. With the non-reimbursable funds, the IIC will offer technical assistance for designing the new financial product dedicated to the small farmer investment portfolio and for establishing the differentiated tenors of the CSAF tranche.As a result of the IIC financing, Bancamía is expected to provide loans to approximately 35,000 rural microentrepreneurs and smallholder farmers for commercial and agricultural activities respectively, with a large majority (>70%) of the clients expected to be considered from the “vulnerable” population segment. This would be Bancamía’s first syndicated A/B Loan in COP, and the IDB Group’s first loan operation with Bancamía S.A.Bancamía S.A. is the second largest microfinance banking entity in Colombia. It is regulated by the Finance Superintendence (Superintendencia Financiera, “SFC”), Bancamía is the result of the integration of Fundación Microfinanzas BBVA, the Corporación Mundial de la Mujer Colombia (“CMMC”), and the Corporación Mundial de la Mujer-Medellín (“CMMM”). Bancamía currently serves 810,000 clients, 57% of which are women, and employs 3,583 people.Bancamía has a presence in 29 of Colombia’s 32 departments, serving more than 856 municipalities, 90% of them categorized as rural. It has 200 branches, 75% located in rural municipalities. In addition to productive microloans, Bancamía offers savings accounts, debit cards, and micro life, funeral, liability, and debt insurance.
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