Company name

Cooperativa de Ahorro y Crédito Abaco

Project number

11545-03

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

Peru

Sector

Financial Institutions

Status

Proposed

Disclosed date

12/14/2021

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

Projected board date
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06/24/2022

Approval date

03/11/2022

Signed date

N/A

Sponsoring entity

N/A

Team leader

Mera Pacheco, Gabriela

Investment type

Syndicated amount

USD $ 5,000,000

Financing amount

USD $ 10,000,000

Currency

USD

Project scope and objective

The Project supports the growth of Cooperativa de Ahorro y Crédito Abaco’s micro and small business portfolio, as well as its green portfolio, through a senior loan of up to US$25 million with a term of up to five years and a one-year grace period. The transaction consists of: (i) a senior A loan of up to US$15 million, from which,  US$10 million will be financed by IDB Invest and US$5 million will be financed by the IDB as administrator of the Canadian Climate Fund for the Private Sector in the Americas (“C2F”); and (ii) a B loan of up to US$10 million to be financed by B lenders.

 

The Project also includes an advisory service that will assist Cooperativa de Ahorro y Crédito Abaco in the design of a sustainable strategy to drive its green portfolio and improve and promote its green loans portfolio.

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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.

COOPAC ABACO 11545-03 ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)

163.8 Kb

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Contact information

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Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Gonzalo Añazgo

POSITION

Finance Department Manager

PHONE NUMBER

+519 89132889

EMAIL

Gonzalo.Anazgo@abaco.com.pe

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