Company name

Corpovael S.A.B. de C.V.

Project number

13033-01

Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.

E&S category
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B

Country

Mexico

Sector

Manufacturing

Status

In implementation

Disclosed date

06/04/2020

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

Projected board date
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11/06/2020

Approval date

11/06/2020

Signed date

12/15/2020

Sponsoring entity

N/A

Team leader

Vera Fabbri, Pablo Marcelo

Investment type

Syndicated amount

N/A

Financing amount

USD $ 14,475,000

Currency

MXN

Project scope and objective

Corpovael S.A.B. de C.V. (“CADU”, or the “Company”) is a real estate company that designs, builds, promotes and sells housing projects in the affordable entry-level, middle-income and residential segments in Mexico. CADU intends to issue multiple green bonds in the Mexican Stock Exchange or in the Mexican Institutional Stock Exchange and use the proceeds to finance and/or refinance, in whole or in part, existing and/or future green housing projects that incorporate energy and water efficiency measures under the ECOCASA program, including the construction of a new development housing project for low and middle income families in Tulum. This transaction is an opportunity to support CADU with a program of up to MXN$500 million to issue partial credit guarantees (“PCG”) to cover up to 50% of such green bonds with a tenor of up to seven years. Additionally, IDB Invest will seek to provide a five-year revolving credit facility of up to MXN$300 million including a committed tranche of up to MXN$200 million and an uncommitted tranche of up to MXN$100 million, with drawdowns of up to 12 months (the “RCF”) in order to finance working capital requirements in connection to the development of affordable housing for low and middle income families. Both the PCG Program and the RCF (the “Project”) aim at: (i) promoting the construction of green buildings with impact in energy and water efficiency; (ii) increase employment in the engineering and construction sectors; (iii) support the construction of affordable green housing and the implementation of new technologies; (iv) allow access to low and middle-income families to decent homes; and (v) increase the availability of securities, especially thematic bonds, in the Mexican debt markets.


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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.

CADU-ESRS AND ESAP - ENG

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Contact information

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EMAIL

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PHONE

+1(202)-566-4566

ADDRESS

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