IDB Invest has granted $20 million worth of financing to Chile’s Caja de Compensation de Tasa Familiar 18 de Septiembre (Caja 18), to support its financial inclusion project through the expansion of its social loan portfolio for pensioners, promoting the so-called "silver economy" in Chile.

The financing is made up of two tranches of $10 million each, with a renewable term of up to two years per tranche. The transaction is expected to promote access to financing for underserved populations, providing tools that allow the financial inclusion of low-income pensioners, with a focus on women.

IDB Invest will provide advisory services to Caja 18 to strengthen its institutional capacity by promoting gender equality when it comes to human capital, by conducting a diagnosis that will guide Caja 18 in the creation of a Gender, Diversity and Inclusion (GDI) action plan.

IDB Invest considers Caja 18 to be a relevant player in the market, with outstanding potential to incorporate GDI practices in the industry, and positively influence their peers and business partners to engage in such practices. To do this, the Women's Empowerment Principles (WEP) Gap Analysis Tool will be used.

This deal is expected to contribute to three United Nations Sustainable Development Goals (SDGs): No Poverty (SDG 1), Decent Work and Economic Growth (SDG 8), and Reduced Inequalities (SDG 10). .

About IDB Invest

IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $13.1 billion in asset management and 385 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.

About Caja 18

Chile’s Caja de Compensation de Tasa Familiar 18 de Septiembre (Caja 18) is a private non-profit corporation founded in 1969 by the Sociedad de Fomento Fabril (SOFOFA) with the purpose of administrating social security benefits. The products and services that Caja 18 provides to members are intended to support them in meeting their needs and contingencies, as well as delivering the best benefits in areas such as health, wellness, recreation, tourism, education and the delivery of social bonuses for various contingencies. Caja 18 has 48 branches throughout the country and more than 419,000 affiliates, 68.5% of whom are dependent workers and 31.5% pensioners. The number of affiliated companies is 9,404.