Company name

AVLA SEGUROS DE CRÉDITO Y GARANTÍA S.A. ("AVLA")

Project number

13787-01

FI-3 operations are those where the risk potential is considered low: the FI’s current or future portfolio consists of financial exposure to business activities that predominantly have minimal or no adverse environmental and social impacts.

E&S category
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FI-3

Country

Chile

Sector

Financial Institutions

Status

In implementation

Disclosed date

01/19/2022

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

Projected board date
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03/24/2022

Approval date

03/24/2022

Signed date

07/25/2022

Sponsoring entity

N/A

Team leader

Flaiban, Diego

Investment type

Syndicated amount

N/A

Financing amount

USD $ 50,000,000

Currency

USD

Project scope and objective

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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Environmental and social review

IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.

AVLA - D&I MORTGAGE FINACING WHL 13787-01 ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)

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Contact information

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Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Thiago Neme Silva

POSITION

Head of Capital Markets

PHONE NUMBER

+55 21 99403-6491

EMAIL

tsilva@avla.com

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

COUNTRY OFFICES

IDB Invest Country Offices

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