Company name
Cooperativa de Ahorro y Crédito Pacífico
Project number
12325-02
FI-2 operations are those where the risk potential is considered medium: the FI’s current or future portfolio consists of or is expected to consist of, business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures; or includes a very limited number of business activities with potential adverse environmental or social risks or impacts that are diverse, irreversible, or unprecedented.
E&S category
FI-2
Country
Peru
Sector
Financial Institutions
Status
Hold
Disclosed date
08/06/2019
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
02/25/2020
Approval date
09/12/2019
Signed date
N/A
Sponsoring entity
N/A
Investment Operations Department Contact
Financial Institutions Division
Investment type
Syndicated amount
USD $ 15,000,000
Financing amount
USD $ 5,000,000
Currency
USD
Project scope and objective
The financing consists of an A/B subordinated loan for up to US$20 million to Cooperativa de Ahorro y Crédito Pacífico (“Pacífico”) with a tenor of up to 6.5 years with repayment in a single bullet repayment at maturity. The A/B loan is expected to be comprised as follows: (i) an IDB Invest subordinated A Loan of up to US$5 million (ii) and IDB Invest B Loan of up to US$15 million to be funded by one or more participants. The purpose of this financing is to strengthen Pacifico’s capital base and support its growth strategy in micro and small enterprises and social housing.
Pacífico is a credit union founded in Lima, Peru, on August 28, 1970. Its objective is to promote the economic and social development of its members and the community at large, through self-help and mutual aid, by fostering cooperative education, the principles and values of cooperative enterprise, and social inclusion. Pacífico was founded with contributions from members of the Japanese community in Peru, and during its early years offered financial services primarily to the country’s Nikkei populations. It is now open to any Peruvian citizen.
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Contact information
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Request informationAlternatively, you may also use the following contact information :
Client Contact
anthony.miyagusuku@cp.com.pe
PHONE NUMBER
+511 7192100
POST OFFICE ADDRESS
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
IDB Invest Country OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(292) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
For inquiries, comments and information requests about the project
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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.
ENVIRONMENTAL AND SOCIAL REVIEW
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