Company name
Banco Davivienda S.A.
Project number
12114-01
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
FI-3
Country
Colombia
Sector
Financial Institutions
Status
Completed
Disclosed date
11/03/2017
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
12/12/2017
Approval date
12/12/2017
Signed date
02/16/2018
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
N/A
Financing amount
USD $ 200,000,000
Currency
USD
Project scope and objective
This Project aims to support the increase in mortgages offerings for Priority Housing (“VIP”) and Social Housing (“VIS”) promoted by the Colombia's federal government as part of its programs for social housing development by means of an unsecured US dollar-denominated senior loan of up to US$ 200 million to Banco Davivienda S.A. The loan term is of up to five years with a single payment at maturity date.
Brief Project Description: Banco Davivienda S.A. (“Davivienda”), a leader in housing financing, holds a 26.0% share of the domestic market and is one of the most active participants in the financing programs for social and priority housing in Colombia, which seek to reduce the population's vulnerability, as well as to improve the quality of life amongst the Colombian people. The VIS and VIP portfolio represents 34.5% of Davivienda's entire mortgage portfolio and 68.0% of the total amount of financed units. As of the end of 2016, Davivienda reached a total of 148,018 financed VISs and VIPs within a total of 219,082 financed units.
The Inter-American Investment Corporation (“IIC”) has been a strategic partner for Davivienda since 2011 when a revolving loan facility was approved for a total of US$30 million with terms of up to seven years. The IIC's resources contributed to reaching the development goals of Davivienda's SME portfolio.
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Contact information
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Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
N/A
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.
For inquiries, comments and information requests about the project
Request informationLearn more about how we provide private-sector solutions in the region .
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 SUMMARY
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